The Chairman of the Financial Supervisory Commission (FSC) has declared Bitcoin to be illegal in Taiwan, following a recent high-profile kidnapping accident involving ransom demands made in Bitcoin.
Despite the mainstream adoption of Bitcoin by a largely tech-savvy population in Taiwan wherein citizens have the means to buy bitcoin in popular convenience store chains, the Taiwanese FSC has today declared Bitcoin to be illegal in the country.
The announcement came after a recent high-profile incident wherein a prominent Hong Kong business tycoon was kidnapped by a criminal gang who demanded HK$70 million (approx. 30,000 BTC or over USD $ 10 million) in Bitcoin. The victim was rescued soon after a payment of HK$13 million (approx. 4,800 BTC or USD $1.6 million).
Focus Taiwan, a national news agency reports that Tseng Ming-Chung, Chairman of the FSC deemed any usage of the cryptocurrency in the country to be illegal. Furthermore, he also stated that the FSC