Taiwan will ban the purchase of cryptocurrencies using credit cards

Taiwan’s financial regulator has called on banks and credit companies to ban the purchase of cryptocurrencies using credit cards.

Representatives of the Financial Supervisory Commission of Taiwan sent a letter to the Association of the Banking Industry, urging financial institutions not to sign cooperation documents with virtual service providers that allow payment in cryptocurrency. According to representatives of the Financial Regulator, credit cards should serve as a payment instrument for consumption, not as a way to speculate on financial investments.

As a reminder, cryptocurrency fraudsters from Taiwan, who set up a pseudo-investment company, were recently detained in Thailand. The criminals accepted cryptocurrencies from the public under the guise of investments and then stopped responding to their victims.