Taiwan Prohibits Using Credit Cards to Buy Cryptocurrencies
Taiwan's financial regulator asks banks and credit card companies not to allow their use as a means of payment for virtual asset services
The Financial Supervision Commission of Taiwan on Friday told Forkast that earlier this month it sent a letter to the banking industry association, in which it asked financial organizations not to give the opportunity to purchase virtual assets using credit cards.
The financial observer took these actions after Taiwan outlined anti-money laundering rules for cryptocurrency service providers in July 2021.
The authorities stated that credit cards should serve as a payment instrument for consumption, and not as a method of financial investment and speculative trading.
The regulator gave credit card acquirers three months to make adjustments in accordance with the new requirements.
Meanwhile, Taiwan is mulling a central bank digital currency (CBDC) and last month completed testing of its retail CBDC prototype in a technical simulation.fs
https://coin-signal.com/cryptonews/taiwan-prohibits-using-credit-cards-to-buy-cryptocurrencies/
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