Taiwan bans the purchase of cryptocurrencies with bank cards
Economy

Taiwan bans the purchase of cryptocurrencies with bank cards

A note explaining the FSC’s Taiwan Financial Supervisory Commission (FSC), was issued to banks. It says that banks should not handle transactions between virtual asset providers (crypto-exchanges) and buyers using bank cards.

The regulator warned of the dangers associated with cryptocurrency and gave financial institutions three months to meet the new requirements.

Taiwanese media reports that the FSC also restricts the use of bank card for online gambling, stock purchase, futures, and options.

The department states that virtual assets are highly speculative and risky. Therefore, it is important to limit crypto trading.

Yang Chin-long (head of Taiwan’s central banking) stated that the department was still working on a national cryptocurrency in June. It is still too early to speculate on the exact date of release of CBDC.

Taiwan bans the purchase of cryptocurrencies with bank cards
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