Taiwan is looking to bar locals from using credit cards to purchase virtual assets, which it views as highly volatile and risky, Forkast reported, citing local media.
The country’s Financial Supervisory Commission told Forkast that it asked the banking industry association earlier this month to not accept virtual asset service providers as merchants, which would add credit card payment support to their platforms.
The commission believes that credit cards should not be used for financial investments and trading. It gave credit card operators three months to make the necessary changes.
Taiwan also recently enforced anti-money laundering rules for local crypto services. This includes reporting transactions worth around US$18,000 to the country’s bureau of investigation.
While the decision would seem to restrict access to virtual assets, it follows Taiwan’s central bank completing its trials for a government-run digital currency. After working on the central bank digital currency since September 2020, Taiwan is looking to roll it out for public retail use.
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Editing by Lorenzo Kyle Subido
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