Over the past few days, there has been a lot of controversy surrounding the Bitfinex exchange. While they are not the only company affected by Taiwanese bank woes, it is evident this is all part of a bigger picture. It appears there is a major banking reform going on in Taiwan, which is causing problems for USD-related transactions. Unfortunately, this also affects bitcoin companies dealing with these banks.
The Taiwanese Banking System is A Mess
Very little is known about the banking system in Taiwan, mainly because it is never highlighted by foreign media all that much. However, after looking at some local sources, it appears there is quite the mess that needs cleaning up sooner rather than later. No one is surprised to find out there are multiple problems affecting the banking ecosystem today. In fact, reforms should have occurred in most countries for quite some time now, yet these changes are often met with significant delays.
It appears Taiwan falls into the same category. Going through national banking reforms is not easy, even though the country wants to be a fintech hub and world bank center.
Read more ... source: LiveBitcoinNews
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