Taiwan’s Monetary Supervisory Commission (FSC) has stated it will avert the installation of Robocoin bitcoin ATMs there, responding virtually quickly to the company’s plans to introduce machines in Taiwan and Hong Kong.
Zeng Mingzong, FSC chairman, made the statement in an interview with the Central News Agency (CNA). According to an article published on CNA’s internet site at 14:56 Taipei time these days:
“Central Bank and FSC recently released a joint statement warning against bitcoin. According to the Central Bank, bitcoin is not a currency economic institutions and the public shouldn’t use it as medium of payment.”
“Given bitcoin’s non-currency status, no bank deposits must created in it, and banks are not permitted to obtain or supply (bitcoins). To install bitcoin ATMs would need approval from FSC, which will not be given. So it is not possible for a bitcoin ATM to come to or appear in Taiwan.”
Robocoin had only just announced plans to expand into East Asian markets, designing new user interfaces for Chinese-language speakers. Taiwan was also noticed as a bright hope for bitcoin in Asia soon after mainland China began issuing its own powerful statements on bitcoin use in December. As nicely as having an sophisticated economy and local higher tech hardware market, it is also one of the couple of places (in addition to Hong Kong and Macau) exactly where banks can legally exchange mainland Chinese currency (CNY, or renminbi).
Hong Kong, which retains legal autonomy from the rest of China, has so far refrained from intervening in bitcoin company or adoption.
Taiwan has a get-sell bitcoin exchange named BitQuick.tw, and digital entertainment organization Wayi announced its intentions to accept bitcoin and turn into an exchange itself final December. Wayi’s on-line retail arm, Wmall, nonetheless features the bitcoin logo prominently on its banner and front web page.
Las Vegas-based Robocoin became well-known in October final year when the world’s first “bitcoin ATM” went on the internet in a Vancouver coffee shop. Its machines are also bi-directional, dispensing and buying customers’ bitcoins for money.
The organization has often stressed compliance with monetary regulators as a priority in any market place its machines enters. Each biometric info (palm scans and facial recognition) and government-issued ID are needed to trade.
The ATMs have been a enormous good results. The solitary machine in Vancouver reportedly took over CAD$ 1m and processed more than 1,500 transactions in its 1st 29 days of operation. Robocoin mentioned it has taken “dozens” of orders because then and the business had planned to distribute 39 units internationally in January.
Bitcoin has weighed on the Taiwan FSC’s thoughts not too long ago. No sooner had calendars ticked over when it issued the globe’s first bitcoin warning of 2014, containing all the usual cautions about volatility and lack of legal protections. It then went additional by saying the Committee may take “necessary steps” if monetary institutions engage in bitcoin operations.
Taiwan’s Monetary Supervisory Commission has existed only given that 2004. According to the Taipei Instances, it appointed and replaced four different chairpersons before 2007 and several high-ranking personnel were involved in scandals over the identical period.
written with Eric Mu
Taipei skyline image by means of Shutterstock
View Taiwan Regulators Block Robocoin Bitcoin ATMs on CoinDesk.
Taiwan Regulators Block Robocoin Bitcoin ATMs
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