Taiwan Plans To Restrict Cash Purchases In Criminal Crackdown
Taiwan could soon join the global war on cash by banning cashless transactions for certain goods.
Taiwan is becoming the latest country to launch a war on cash, banning its use for transactions involving real estate and ‘luxury’ goods.
As Zerohedge reports quoting the Economic Daily News, an unidentified government minister stated there would likely be an outright ban on using cash to pay for such items. Their actual cost, he said, would not play a factor.
“With the goal of strengthening the prevention and control of money laundering, Taiwan's Ministry of Justice plans to promote large-scale transactions without cash. The first wave may lock real estate, luxury cars and jewelry transactions,” he said.
The main impetus behind the move is allegedly to crack down on criminal activity and money laundering.
Targeting criminals - including terrorists - with cash shake-ups has become somewhat vogue in recent times. India, Pakistan and Venezuela have either withdrawn large numbers of banknotes or are currently doing so, ostensibly for the purposes of national security.
These markets have all provided excellent opportunities for Bitcoin since the cash policy was initiated, with users flowing into the cryptocurrency as a backup haven.
“The Ministry of Justice’s internal data shows that criminal groups’ assets [...] are especially rich in gold, diamonds and real estate,” the Taiwan source continued. “Real estate transactions are considered high-risk money laundering transactions.”