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September 21, 2017

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FSC chairman denies report of Bitcoin's impending arrival

TAIPEI, Taiwan -- The Financial Supervisory Commission (FSC, 金管會) yesterday denied a media report indicating that Taiwan, along with Hong Kong has been selected as a main target market by a company developing service solutions for Bitcoin, a fledgling electronic currency.

According to a technology news outlet report, ATMs made by Robocoin may hit the streets of Hong Kong and Taipei before the end of January, following its debut in a Vancouver coffee shop last October. According to Robocoin, Taiwan and Hong Kong are expected to see high demand for the digital currency. The company claims that the Bitcoin's first operator, a coffee shop in Vancouver, had recovered the cost of the ATM's installation within two weeks.

FSC Chairman Tseng Ming-chung (曾銘宗), however, rejected the report yesterday, firmly saying that his office will not grant the digital currency status as legal tender, and that the likelihood of seeing Bitcoin ATMs in Taiwan is nil.

In addition to the FSC, the digital currency has been deemed unacceptable as legal tender by central banks on both sides of the strait.

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