Governor of the Central Bank of Taiwan: the regulation of money laundering should also be applied to bitcoin

Governor of the Central Bank of Taiwan: the regulation of money laundering should also be applied to bitcoin

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According to the reports, on 25th of October 2017, the Governor of the Central Bank of the Republic of China (Taiwan) Pernes Fai-Nan, answering questions from members of the legislature, said that bitcoin trading should be under strict control in relation to money laundering.

In March 2017, the Executive Yuan (the Executive branch of Taiwan’s government) established the Office for combating money laundering.

According to local sources, Pernes concerned that bitcoin can be secretly used for illegal operations such as drug trafficking and tax evasion. Thus, he suggested that regulation in relation to money laundering in Taiwan should also spread to the cryptocurrency area. Pernes added that the Central Bank will continue studying the digital currency, but refrained from an open recognition of bitcoin as a currency.

During 14 years, the Bank managed by Pernem, was recognized by Global Finance magazine as one of “the world’s best banking institutions.” He received the highest score “A” for excellent performance in indicators such as inflation control, economic growth, currency stability and interest rate management. Local sources praised Pernod for the management of the Taiwanese economy during the dot-com bubble in early 2000, destruction of the real estate market after the SARS outbreak in 2003 and the global financial crisis of 2008-2009 and the European debt crisis 2010. Cryptocurrency is the last problem that he will have to cope — and it is unknown what kind of growth (or collapse) can be expected from this regulation.

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