31 Dec '13, 11am

Taiwan Welcomes New Year with Bitcoin Warning

Taiwan Welcomes New Year with Bitcoin Warning

The Financial Supervisory Commission of the Republic of China and the Central Bank of the ROC have issued a joint statement warning against the use of bitcoin in Taiwan. The regulators said bitcoin remains volatile, that it does not have any legal protection, and that it is not issued by a monetary authority. The regulators noted that bitcoin trading is highly speculative and that investors should be wary of volatility, cyber attacks, malicious defaults, theft and other risks. Apart from the now more-or-less standard list of warnings and concerns, the regulators also announced that they may take “necessary steps” if financial institutions engage in bitcoin operations, reported Taipei Times . The reference starts to make sense when we consider that SinoPac Financial Holding Co. was an early supporter of bitcoin, allowing investments in bitcoins and trying to increase its po...

Full article: http://www.coindesk.com/taiwan-welcomes-new-year-bitcoin-...

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