Financial department officials in Taiwan want to ban the purchase of cryptocurrencies from banks with credit cards.
According to the news that emerged the other day, the purchase of crypto money by credit cards from banks by financial department officials in Taiwan was on the agenda. The Taiwan Financial Supervisory Commission released a report on the banking industry association earlier this month. According to the published statement, banks are asked to stop the service of purchasing virtual assets from their credit cards.
Buying Cryptocurrency With Credit Cards May Be Banned In Taiwan
According to Forkast, a digital media platform in Hong Kong, it is aimed to prevent the purchase of crypto money with credit cards in Taiwan. Last July, certain rules were put into operation for cryptocurrency service providers in the country to combat money laundering.
Authorities planning the aforementioned ban think that credit cards should serve users as a payment tool for consumption. That’s why it’s desirable not to be allowed to use cards in an uncertain trade.
Authorities gave credit card users three months to adapt to the new rules and make various adjustments.
Finally, Taiwan is very focused on working on a central bank digital currency (CBDC). It even completed its trials in technical simulations with several prototypes in June.
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