Bitcoin Is Now Illegal in Taiwan, $2 Million Paid to Kidnappers

Bitcoin Banned in TaiwanWith good movement going on in Taiwan for bitcoin as the cryptocurrency reaches a decent amount of convenience stores, the declaration made by the Chairman of the Financial Supervisory Commission (FSC) Tseng Ming-chung 曾銘宗 to make bitcoin illegal in the country this Monday has drawn the cryptocurrency a close in its involvement in further Taiwanese businesses.

When Chairman Tseng was asked at the legislative hearing, whether or not the cryptocurrency could be used in Taiwan, he instantaneously stated that this new virtual currency posed huge threats on the country’s financial ecosystem, officially declared its use an illegal act in Taiwan, and that the FSC would work with the Central Bank and police to sniff out any illicit activity.

All of this has been triggered by a recent billionaire Pearl Oriental Oil chairman Wong Yuk-Kwan黃煜坤kidnapping accident involving ransom demands made, of course, in bitcoin. Yuk-Kwan has been missing since late September.  Yuk-Kwan is currently getting restorative treatment, whilst Hong Kong police and Taiwanese forces are propelling a full-scale examination trying to find the guilty parties and get a more grounded comprehension of everything that happened.

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It has been accounted for that the group of the business big shot has purportedly paid about $2 million in bitcoin to the men in charge of his kidnapping after they sent rehashed threats of physical savagery towards their prisoner. With a healthy set of suspects, the local authorities are eventually unable to trace the Bitcoin transactions or Bitcoin wallets that got the ransom money.

The wrongdoing against a very rich person implies enormous potential consequences for the Taiwanese Bitcoin group. How Taiwan’s banking and law implementation powers plan to boycott the transmission of bitcoin, which can’t be physically held, and can be sent digitally through cell phones, applications, sites, and the bootleg market is up ’til now, obscure. Past all hypotheses, the manifested obvious plausibility of banning bitcoin in the nation is certain to profoundly affect a Taiwanese populace that has developed to purchase and even pay for utilities and bills using the cryptocurrency. It is daunting, but the general population of Taiwan can hypothetically use bitcoin no more. Still, only time will tell…

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Learn more about the Bitcoin Asia situation here at Coin News Asia.