Taiwan declares Bitcoin illegal following ransom demand
The Taiwan Financial Supervisory Commission (FSC) has declared Bitcoin illegal following the rescue of businessman Wong Yuk-kwan, whose captors demanded a Bitcoin bribe for his release, equivalent to HKD 70m ($9.1m). Chairman of the FSC, Tseng Ming-chung, said that the regulator will make its new position clear to foreign governments. With this announcement, Taiwan joins Bangladesh and Thailand, the other countries in the region that have declared Bitcoin illegal.

Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term is illegal in Taiwan, declared Financial Supervisory Commission (FSC) Chairman Tseng Ming-chung on Monday.

He made his remarks a few days after the rescue of a high-profile Hong Kong businessman, Wong Yuk-kwan, whose kidnappers demanded HK$70 million ($9.1 million) for his release, payable in bitcoin.

The real estate and oil tycoon was rescued five days ago after being held for 38 days. According to Xinhua News, his wife was planning on sending HK$11 million ($1.43 million), but wasn't familiar enough with the workings of Bitcoin.

Bitcoin is the go-to currency for extortionists looking to avoid apprehension or seizure of their winnings, due to its decentralization from financial authority and perceived anonymity.

On Monday, Tseng Ming-chung was asked at a legislative hearing if cryptocurrency can be used in Taiwan. He replied that it is illegal and that the FSC will work with the country's central bank and police to crack down on violations. He further indicated that the FSC will be publishing a joint statement with the central bank to inform other countries of its position.

His comments are a step beyond those made last year, when he declared that holders of bitcoin should not expect legal protection for their holdings, and that the FSC would not approve the operation of bitcoin ATMs.

Taiwan potentially joins two other countries in southeast Asia, Bangladesh and Thailand, where officials have also declared Bitcoin illegal in the past.