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Bitcoin denied status as legal tender by ROC Central Bank

TAIPEI, Taiwan -- The Central Bank of the R.O.C. has denied Bitcoin the status of legal tender, officials announced at a press conference yesterday.

According to the central bank, due to the digital currency's exceedingly high volatility, Bitcoin is not a viable currency for accounting and deposits of value.

Central Bank Deputy Governor Yang Chin-long (楊金龍) yesterday stated that as Bitcoin is not minted by the monetary authority of any sovereign nation, the digital currency does not carry the legal protection and tender status of conventional currency.

The R.O.C. central bank's announcement is in line with its counterpart from across the strait, who recently warned financial institutions in China to refrain from engaging in activities denominated in the digital currency.

According to reports, propelled by zealous trading in the vast China markets, the value of Bitcoin recently saw a sevenfold surge over the course of November. The volatility of the digital currency became apparent as it lost 28 percent in value last Thursday, following an unwelcoming statement from the People's Bank of China. According to data from BTC China, the largest Bitcoin trading platform in the mainland, the digital currency's strength and approximate market value has recovered from its Dec. 19 low of 2,752 yuan, to yesterday's closing of 4,361.83 yuan.

December 31, 2013    FreeJack2k2@
So what if a government doesn't grant it "status" as "legal tender?" It has no bearing whatsoever on peoples' right to determine for themselves what they will accept in trade. They can consider it an instrument of barter. Nobody can tell me whether I am allowed to accept grapefruit in exchange for my work...it's my decision. You can warn me that it's ill advised, but that doesn't stop me from making my own decisions.

How will any government patrol all transactions that take place every day? It's just more empty words from a tyrannical leadership.
December 31, 2013    danespatricia@
Banks simply seek to impede progress of any payment system/currency that they cannot benefit from. Bitcoin and its users do not need approval from BANKS who only seek to line their pockets with various fees to send or spend money. The volatility is manageable in a few ways to even a casual user of Bitcoin. Those who do not understand it should not use it until they take a few moments to do so, just like stocks and other commodities.
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