Taiwan bans crypto purchases using credit cards
Despite developing CBDC
Taiwan's Financial Supervisory Commission (FSC) is looking to ban the use of credit cards for crypto purchases, according to local media reports.
On Friday, the FSC told Forkast News that it had issued a letter to the banking association in early July, which asked credit card agencies not to sign on virtual assets service providers as merchants.
The authority stated credit cards should serve as a payment tool for consumption rather than a method for financial investment and speculative trading, and gave credit firms three months to comply with the new requirements.
The FSC also mentioned a prior requirement that bans the use of credit cards in payments tied to gambling, stocks, futures, options, and other transactions.
Meanwhile, Taiwan has been working on a no-interest central bank digital currency (CBDC) for the past three years, and recently completed retail trails for the prototype.
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