Taiwan rejects Bitcoin ATMs

By VCPOST Staff Reporter

Jan 06, 2014 08:02 AM EST

The Financial Supervisory Commission (FSC) of Taiwan opposed the installation of Bitcoin ATMs in the country. FSC chairman Tseng Ming-chung said the FSC believes Bitcoins are not real currency and should not be accepted as payment, wrote TechCrunch.

US-based firm Robocoin plans to bring Bitcoin ATMs to Hong Kong and Taiwan, as earlier reported by TechCrunch. The move is part of the firm's plans for global expansion, the report stated.

Throughout Asia, government views on Bitcoin differ widely. The decision of FSC is yet another sign that the alternative currency's increasing mainstream acceptance comes with scrutiny from financial regulators, the report explained.

In the US, government agencies are struggling to regulate Bitcoin. But the cryptocurrency is presently being treated like money, which is a hindrance to the entry of Bitcoin-based startups. The UK's Financial Services Authority does not consider Bitcoin as eMoney. The European central bank also believes that Bitcoin is not money and therefore does not need regulation yet, TechCrunch reported.

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