Focus Taiwan
Date: 2018/10/23
By: Su Mu-chun and Elizabeth Hsu
Taipei, Oct. 23 (CNA) Taichung District Prosecutors Office indicted five people Tuesday
Image taken from Pixabay
for violating the Banking Act after originally investigating them on suspicion of swindling investors out of money with a virtual currency they invented and touted as an improved version of Bitcoin, the world’s most popular virtual currency.
According to the indictment, a 47-year-old man identified by the surname Wen (溫), from Taichung in central Taiwan, established a cyber technology company called Baote, with two Chinese nationals in Fuzhou, Fujian Province, China, in January 2016.
Wen, his two brothers, mother and a friend promoted and sold their invention — a virtual currency named “Baote Coin (寶特幣)” — in Taiwan and mainland China.
They bragged that Wen’s company in China had huge assets and that Baote Coin was a better virtual currency than Bitcoin because it was an upgraded cryptocurrency emerging on the global market, prosecutors said. [FULL STORY]