Taiwan’s Central Bank governor slams cryptocurrencies

The new currencies lack the basic element of trust: Yang

Taiwan News
Date: 2018/08/07
By: Matthew Strong, Taiwan News, Staff Writer

TAIPEI (Taiwan News) – Cryptocurrencies do not form part of the trust

Taiwan’s Central Bank governor slams cryptocurrencies. (By Associated Press)

system which allows common currencies to flourish, Central Bank Governor Yang Chin-long (楊金龍) said Tuesday.

Speaking at a forum about the bank’s role in a digital economy, Taiwan’s central banker emphasized that the use of a currency as a method of payment relied on a long history of trust. Once that trust disappeared, the currency’s value could collapse to zero, Yang said, according to a Liberty Times report.

Cryptocurrencies still encountered numerous problems, from sharp ups and downs in their value and supply issues to a lack of efficiency, Yang said. As there was no way of asking for compensation or redress, the new currencies could often be used by unscrupulous characters, he added.

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