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HomeCryptoTaiwan Aims to Ban Credit Cards for Cryptocurrency Purchases

Taiwan Aims to Ban Credit Cards for Cryptocurrency Purchases


  • Taiwan Financial Supervisory Commission has despatched a letter to the Association of Banks reminding them not to have interaction in cryptocurrency.
  • The report mentioned bank card processors should not facilitate fee for crypto platforms.
  • Taiwan FSC, through the years, dominated that bank cards are unlawful fee instruments for on-line playing, shares, futures, choices and different comparable transactions.

An area media firm in Taiwan has reported that the its Financial Supervisory Commission (FSC) is wanting to ban bank cards for crypto purchases.

Additionally, the FSC famous to bank card companies that if their present practices don’t meet its said necessities, they need to make changes inside three months. After that, the audit unit should assessment its inside compliance and report the outcomes to the assembly.

The FSC of Taiwan has despatched a letter to the Taiwan’s native banking affiliation reminding them that digital property “are highly speculative and risky, and the cash flow is complex and challenging to monitor transactions effectively.”

The report mentioned bank card processors should concentrate and mustn’t use digital property. However, in accordance to the report, bank card operators argue that playing cards are merely shopper fee instruments, not investment and wealth administration instruments with excessive speculative monetary leverage transactions.

Taiwan FSC, through the years, dominated that bank cards are unlawful fee instruments for on-line playing, shares, futures, choices, and different comparable transactions. The newest replace from the FSC seems stricter, giving operators three months to full any adjustment the place vital.

As per the present enterprise enterprise, bank card acquirers should concentrate to the cryptocurrency platforms and never facilitate any transaction of their favor.

In different information, Koinaly reported on July 14 that the Shanghai Municipal People’s Government of China had included blockchain, NFT, and the metaverse in a five-year plan to develop its digital financial system.

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