The Financial Supervisory Commission (FSC) Chairman Tseng Ming-Chung proclaimed bitcoin illegal after the rescuing of kidnapped Hong Kong tycoon Wong Yuk-Kwan, whose abductors wanted the ransom to be paid in digital currency. 

The criminals sent emails to Wong’s family demanding HK$70 million to be paid using bitcoin. He was rescued October 27, having had spent more than a month in captivity.

Tseng said that from that moment on bitcoin was to be treated as illegal and pledged to collaborate with the Central Bank and police to suppress it. He added that a statement to inform other countries of such regulations would be published soon.

In August two suspects were arrested by the Taiwanese police on charges of fraud in connection with the Hong Kong bitcoin exchange platform MyCoin.

Maria Rudina