The country has cautioned credit card providers to stop processing crypto purchases because of the speculative nature of the asset.
Taiwan’s Financial Supervisory Commission believes cryptocurrencies are risky and speculative assets. As a result, the regulator intends to prohibit the use of credit cards for crypto purchases., the FSC sent a letter to Taiwan’s Association of Banks earlier this month, asking credit card companies to stop facilitating payments for crypto-related merchants.
The FSC noted that credit cards should serve as a payment method for goods and services instead of facilitating financial investments and speculative trading. The report added that credit card providers who currently service crypto merchants have three months to comply with the FSC’s requirement. After the deadline, the companies must submit an audit report to the regulator to show compliance.Meanwhile, this is not the first time Taiwan has taken a tough stance against crypto-related activities. In April 2021, the country cautioned against investing in Bitcoin and other crypto assets, citing the “highly speculative” native of the asset class.
Although the bank did not reveal the launch date for the CBDC, it noted that the digital currency would allow citizens to use a digital wallet to make payments without the need for a credit or debit card.
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