Central Banker Discusses Bitcoin at Legislative Yuan|比特幣崩跌 楊金龍:應列入洗錢防制
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Bitcoin's price skyrocketed to US$20,000 at the end of last year, but has lost US$120 billion in total value this year so far. Central Bank Governor Yang Chin-long said Bitcoin mining will not stop as long as it's profitable. He also said everyone should pay attention to whether Bitcoin mining would lead to an energy crisis in Taiwan.
Taiwan's GDP growth rate has been stagnant for a decade. Asked what can be done to make Taiwan more competitive, Central Bank of the Republic of China Governor Yang Chin-long said the key would be balancing external and domestic demand. Lawmakers then asked Yang if this means exchange and interest rate hikes in the future.
On Sunday, the media speculated that the report we issued seemed to indicate an interest rate hike and the appreciation of the NT dollar. This is people overanalyzing. It is absolutely not happening.
Bitcoin's value soared to US$20,000 at the end of last year. The cryptocurrency had its best year ever in 2017, but has devalued by US$120 billion this year due to stricter controls and social media platforms banning cryptocurrency ads. Yang says the Ministry of Justice needs to include Bitcoin transactions in money laundering prevention mechanisms.
This thing, (Bitcoin), is not transparent and it can't be seen. The huge collapse this year -- did the Central Bank discover there was a problem here? How should it be solved? The attitude of the Financial Supervisory Commission and the Central Bank has not changed. We are still warning investors to be careful. We are also calling on the Ministry of Justice to include Bitcoin transactions within the scope of money laundering prevention mechanisms. This is what we have done to this point.
Yang also said there will always be incentive to mine Bitcoin as long as the cost of mining is lower than the cost of buying. All of Taiwan's Bitcoin miners operate in China, which has cracked down on the industry in recent months. Lawmakers are also concerned Bitcoin mining could exacerbate Taiwan's energy crisis.
