Police in New Taipei, Taiwan, arrested fifteen suspects for allegedly running a cryptocurrency scam that raked in millions of dollars.
Taiwan is a state in East Asia that is mostly located on the island of Taiwan. The official name of the state is the Republic of China, and this country claims to have the right of ruling the whole Chinese territory that was lost by the Republic of China after the Chinese Civil War with communists. Taiwan’s speed of economic growth made it one of the “Four Asian Tigers” — countries with a miraculous speed of economic development. Taiwan is a dynamic, capitalistic and a high-tech, free-market economy. However, Taiwan has some Bitcoin regulations. Taiwan banned Bitcoin ATMs and explained it as a countermeasure against Bitcoin usage as a currency for bank payments. Taiwan has no regulations on Bitcoin exchanges, Bitcoin is accepted at three of the four major convenience store chains. Taiwan also does not restrict mining of any cryptocurrencies nor cryptocurrency trading.
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