Anonymous and privacy-oriented cryptocurrencies have always been a topic of controversy. Even though these currencies do not facilitate illegal activity by default, it seems the association with such activities is enough to make regulators nervous. In Taiwan, the government has decided to ban anonymous cryptocurrency transactions as part of the new Money laundering Control Act.
Taiwan Makes an Interesting Decision
As is always the case when a discussion regarding cryptocurrencies arises, the topic of anonymity is never far away.
Harvard professor and renowned economist Kenneth Rogoff, who in the past argued for a reduction in the amount of physical cash, recently said that the bitcoin price “will collapse,” due to continued regulatory pressured from governments.
In his piece, written for The Guardian, Rogoff stated:
“My best guess is that in the long run, the technology will thrive, but that the price of bitcoin will collapse.
Taiwan will not regulate against initial coin offerings (ICOs) and cryptocurrencies like bitcoin and will avoid the hardline stance taken by the likes of China and South Korea.
In significant news today, Taiwan’s Financial Supervisory Commission chairman Wellington Koo has told a joint session of the parliament and the cabinet today that Taiwan will not follow the paths of China and South Korea in an outright ban on crypto-related activity. Instead, the head of Taiwan’s financial regulator pledged to adopt a friendlier stance to support the development and adoption of both cryptocurrencies and blockchain technology in the country.