Central Bank: Bitcoin should be listed as a money laundering prevention measure

The cost of Bitcoin mining in Taiwan is the third lowest in the world. Yang Jinlong pointed out that according to his understanding, Taiwan's Bitcoin mining equipment manufacturers actually all have factories in mainland China, and the mainland authorities have previously regulated Bitcoin mining. In addition, whether Bitcoin mining will cause the power rationing problem to become more serious should continue to be paid attention to.

In the past, the central bank viewed Bitcoin, which is popular all over the world, as an "online investment product". When Yang Jinlong was the vice president of the central bank, he once described Bitcoin as "network points", which means that the central bank takes a relatively conservative view on Bitcoin and does not recognize it as a tool for transaction payment.

After the first quarter board of directors meeting this year, Yang Jinlong made further explanations on virtual currencies. He pointed out that there are as many as 1,500 virtual currencies in the world, represented by Bitcoin, but Bitcoin is highly concentrated and its price is easily manipulated by humans, making the investment risk extremely high. Most countries do not consider it to be a currency.

In particular, Bitcoin's encryption and anonymity make it easy for it to become a tool for money laundering and terrorist financing. Yang Jinlong believes that based on anti-money laundering, anti-terrorism and investor protection, most countries have also included anti-money laundering regulations, so the central bank also recommends that the Ministry of Justice should follow up and regulate Bitcoin.

(Business Times)