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#Taiwan To Make #Bitcoin Legal Tender

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https://www.tekedia.com/paypal-to-offer-crypto-services-in-uk-taiwan-to-make-bitcoin-legal-tender/

In a historic move, Taiwan has announced that it will make Bitcoin a legal tender in the country, becoming the second nation in the world to do so after El Salvador. The decision was made by the Legislative Yuan, the unicameral legislature of Taiwan, after a heated debate and a close vote on October 30, 2023.

The bill, titled “The Digital Currency Legalization and Regulation Act”, aims to provide a clear legal framework for the use, exchange, taxation and regulation of Bitcoin and other cryptocurrencies in Taiwan. The bill also recognizes Bitcoin as a foreign currency for the purposes of foreign exchange and trade.

According to the bill, Bitcoin will be treated as a legal means of payment for all public and private transactions in Taiwan, as well as a store of value and a unit of account....

...The bill is expected to take effect on January 1, 2024, after a two-month period of public consultation and preparation. The FSC has announced that it will issue detailed regulations and guidelines for the implementation of the bill before the end of this year.

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Discussion

Jedwick 2y ago

The second domino

Secretary Janet Yellen 2y ago

#Bitcoin's 15th birthday will be really interesting.

Colonial 2y ago

Sure, you can have bitcoin as legal tender as long as you give us your xpubs and let us track every spend.

"The bill also stipulates that all individuals and businesses that deal with Bitcoin must register with the Financial Supervisory Commission (FSC), the main financial regulator in Taiwan, and comply with anti-money laundering and counter-terrorism financing rules."

Secretary Janet Yellen 2y ago

Do you know how the #LN works? How would you go about tracking my #sats sending across the network?

Deleted Account 2y ago

not just LN, if it gets more adoption then there's no need for on and offramps, you can just accept it directly for your services, and when there's no banks and exchanges included with their KYC in that it gets so much harder to track anything

Colonial 2y ago

Harder, but not impossible. And if they say you have to report all your transactions, you'll have to break the law to be untracked. In that case, I wouldn't want KYC'd corn.

Secretary Janet Yellen 2y ago

As a business, because this is about business regulations, you have to report every fiat transaction. You know that, right?

Jac 2y ago

It is wise to only report what the taxation authorities can prove.

Colonial 2y ago

The article says all individuals and businesses will have to comply.

Colonial 2y ago

Yes, I run a node and lightning privacy is not great, yet. But even if it were, the implication here is that Taiwanese will have to comply with full KYC and tracking. Of course you can choose to not comply. You can even get away with it and I think you should. For this very reason, I say don't buy KYC.

Deleted Account 2y ago

is it bitcoin or crypto?

Secretary Janet Yellen 2y ago

It looks like #Bitcoin only but they were adding some crypto regulations into that too.

youngMoney 2y ago

OMG!!!! That's huge news for bitcoiners!!

Secretary Janet Yellen 2y ago

Let's see in a couple of months.

Ant Richards 2y ago

Wow!