Taiwan’s financial regulator, the Financial Supervisory Commission (FSC), is setting the ground to ban the use of credit cards for the purchase of digital currencies within its jurisdiction.
As reported by Forkast, the regulator asked banks and credit card companies not to partner with cryptocurrency service providers as merchants. The FSC already issued a letter to the banking association earlier this month.
The FSC highlighted that the usage of credit cards should be limited to consumption, rather than becoming a payment method for financial instruments and speculative trading.
Apart from crypto purchases, credit cards on the island cannot even be used for online gambling, stocks, futures, options and other transactions. Though not explicitly mentioned, the regulator looks to be sealing the gate for small credit lines for the purchase of cryptocurrencies
