Taiwan plans to ban crypto purchases by credit card

The Taiwanese regulator FSC plans to introduce a ban on the purchase of cryptocurrencies by credit card.

As local media reports , the Securities and Exchange Commission asked the Taiwanese Banking Association to stop credit card payments to crypto service providers.

Credit cards should be used to purchase goods and services instead of being misused for investments and "speculative trading," the statement said.

As a result, enforcement of the ban would apply not only to crypto, but also to stocks, online gambling, and futures and options trading.

Credit card providers now have three months to implement the ban.

Meanwhile, the Taiwanese central bank is working on its own CBDC. However, it is still unclear when this will be used. Meanwhile, neighboring China gave away E-Yuan to the people.

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