Taiwan FSC Clears Air On Bitcoin Status

In rather surprising turn of events, Taiwan's Financial Supervisory Commission (FSC) has now suggested that its stance on bitcoins remains “same as before”, despite recent reports that indicated that bitcoin and other digital currencies were illegal in the country, CoinDesk reported.

The finance regulator has clarified its stance in new statements to CoinDesk, suggesting that latest conjecture on the matter was not accurate.

"At the end of 2013, the Central Bank of the Republic of China and the FSC has released a joint statement that defines Bitcoin as a 'virtual commodity'. Considering the non-currency nature and risk of Bitcoin, the FSC has required banks in Taiwan not to receive or exchange Bitcoin. At present, the FSC’s position on this issue remains the same as before”, The FSC's Banking Bureau told CoinDesk in an email.

The statement comes after Taiwan’s Central News Agency reported earlier his month that, Tseng Ming-chung, Financial Supervisory Commission (FSC) Chairman, deemed Bitcoin illegal in the country following reports that said that Taiwanese kidnappers of a businessman tried to collect a ransom through bitcoin late in October. Moreover, he also pledged that “the FSC would work with the country's central bank and police to crack down any illegal act.”