Taiwan Government: Bans any Crypto Transactions with Credit Cards
Taiwan Government: Bans any Crypto Transactions with Credit Cards. The financial regulator in the country has been telling banks not to accept the purchase of crypto using credit cards.
💥TAIWAN: Govt has told banks to stop the use of credit card to buy #Bitcoin or crypto.
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) July 22, 2022
Taiwan’s Financial Supervisory Commission (FSC), a financial regulator, has stated that banks should not approve a crypto purchase using credit cards.
For the use of credit cards, the financial regulator said that it is for daily routines. And it is preferred not to use it for the industry of risks, such as crypto. It is related to minimizing online gambling. They hope citizens will not use credit cards for high speculative investments.
They also have given banks information as they have expected to make new regulations regarding these issues. Banks should look more detail into it and communicate with the financial regulator.
🇹🇼 Taiwan's financial regulator urges banks to disallow the use of credit cards for cryptocurrency purchases.#Taiwan #Regulation #Crypto
— Wise Advice By Sumit Kapoor (@sumitkapoor16) July 22, 2022
Taiwan has been showing its concern about the use of cryptocurrencies. The country has given a warning to citizens about the high risks of the industry. Last year, the country attached new regulations addressing crypto in the Anti-Money Laundering (AML). Though, financial regulator is still looking for more rules to ensure the country is safe to operate in the crypto world.
A few weeks ago, FSC mentioned that digital assets are subjects of high risks, and the industry could be unstable. The financial regulator has stated the need for a proper monitoring system to make it more efficient.
These new regulations are adding concern as the crypto world can move ups and downs based on the market situation.
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