Poland Against Cryptocurrencies while Taiwan accept them as a means of payment

This article was published on: 05/15/18 8:25 PM

Marcin IwańskiWritten by | blockchain, news, regulations

Poland Against Cryptocurrencies

First good news in the last days is that, the first bank in Taiwan wants to create a blockchain-based payment method, first for restaurants and merchants near Chengchi University.

Poland, however, once again wants to fight with cryptocurrencies, this time the authorities will spend more money than the last time.

Crypto payments in Taiwan

The first bank in Taiwan is to deploy a blockchain-based payment system. According to Taipei Times, Taipei Fubon Commercial Bank announced that it would develop the first in Taiwan payment system for restaurants and merchants based on the blockchain. At the beginning, it will work near the National Chengchi University.

The first plans were revealed in March 2017, when Taipei Fubon Bank signed a contract with the university to carry out “key technology and engineering R&D for [a] blockchain payment network.”

The whole system will work on the Ethereum network; Byzantine Fault Tolerant will be responsible for implementation of consensus protocol, which reduces the time and cost of the transactions. According to the bank, it will cut transaction time to less than one second.

Polish  anti-crypto campaign

Once again Polish Financial Supervision Authority (KNF) wants to create an anti-cryptocurrency campaign. The last one was based on social media and YouTube content creators. This time, according to KNF website, they placed a tender order of 615,000 PLN (around $173,000). KNF wants to focus on the risks in cryptocurrencies, like scams in ICO, Ponzi schemes and forex trading.

The Central Bank of Poland (NBP) and the KNF have also created a website where they try to convince the readers that cryptocurrencies are not money; “cryptocurrency is not a currency” and “ virtual currency is not money” those are their claims.

Their last campaign was mostly based on YouTube video, which presents the story of a young man who invested his money in cryptocurrencies. At the beginning the film shows his wealth, just to lose everything at the end.

What do you think about Polish campaign?

Tell us here in the comment section below, or via Facebook.

 

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Last modified: May 15, 2018

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