Taiwan declares bitcoin as illegal

Tseng Ming-Chung, chairman of the Financial Supervisory Commission of Taiwan, has declared Bitcoin to be illegal in the country, following a recent high-profile kidnapping accident involving ransom demands made in Bitcoin.

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).

The chairman of the FSC deemed any usage of the cryptocurrency in the country to be illegal. Furthermore, he also stated that the FSC would collaborate with Taiwan’s central bank and law enforcement agencies to “crack down” on any illegal activities relating to Bitcoin.

“The FSC will also publish a statement jointly with the central bank to inform other countries of such regulations,” said Ming-Chung.