Taiwan government bans Bitcoin ATM while brand acceptance brings rise in price

The Bitcoin price mark has again reached the $1000+ mark after dropping by more than half in the beginning of

The Bitcoin price mark has again reached the $1000+ mark after dropping by more than half in the beginning of December.

Bitcoin’s price once again reached the $1000 price point, after announcements from the People’s Bank of China, warning against the use of the cryptocurrency and eventually restricting processors and payment providers from dealing with Bitcoin exchanges, caused it to plummet. December 18th saw Bitcoin reach a low of $539 after it skyrocketed to $1,116 in the beginning of the month.

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Recent news of Zynga beginning support for Bitcoin seems to have provided the recent surge. Overstocks.com’s recent announcement and Porn.com’s sudden support have also seemed to have contributed to the price going up. Support from large brands has proven to show the popularity and acceptance of Bitcoin among its users, and presents its monetary potential as a viable currency. Li Ka-shing’s investment in Bitcoin processor BitPay also seems to have helped the currency gain in profitability.

With the news of Bitcoin’s price going up, Taiwan has released a statement earlier this week warning its residents on the use of Bitcoin.  The Financial Supervisory Commission of the Republic of China and the Central Bank of the Republic of China released the warning stating Bitcoin is volatile, unstable, vulnerable to cyber-attacks, and is of no monetary value as is was not issued or regulated by a monetary authority. The continuation of their stand on Bitcoin was shown yesterday when Taiwan’s Financial Supervisory Commission (FSC) banned the introduction of a Bitcoin ATM by Robocoin from entering the country.

Robocoin had plans on delivering BTC ATMs to Hong Kong and Taiwan in the beginning of the year, and was thwarted yesterday by FSC chairman Zeng Mingzong. Mingzong stated as Bitcoin will not be recognized as a currency with any monetary value, the FSC will not allow for a Bitcoin ATM to enter Taiwan’s borders.

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“Given Bitcoin’s non-currency status, no bank deposits should be made in it, and banks are not allowed to receive or provide (Bitcoins). To install Bitcoin ATMs would require approval from FSC, which will not be given. So it is impossible for a Bitcoin ATM to come to or appear in Taiwan,” Mingzong stated yesterday to the Central News Agency.

Robocoin introduced the world’s first successful Bitcoin ATM in Vancouver back in October 2013. Taiwan and China are not the only countries who have stated their stance on Bitcoin. You can view a detailed list on the regulatory status of Bitcoin in other countries here.

(Bitcoin exchange prices provided by CoinBase)


Image courtesy of Wikimedia

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