CryptoGamble.tips»Taiwan Warns Against Crypto Wagers in Run-up Presidential Election Prep

Taiwan Warns Against Crypto Wagers in Run-up Presidential Election Prep

Taiwan Cracks Down on Crypto Wagering Ahead of Presidential Election
Ekaterina Abramova Photo in GTA Style
Published on: December 20, 2023
Last updated: January 9, 2024
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Amidst the hustle of readying for Taiwan's forthcoming presidential elections set for January 13 next year officials have delivered a strong advisory against employing crypto-wagering platforms to place bets on the event’s outcomes. This alert surfaces within the context of a more extensive inquiry into illicit online gambling, leading to the interrogation of numerous local individuals linked to these practices.
Key Takeaways
Taiwan warns against crypto betting on elections, citing legal risks and penalties.
Authorities highlight the traceability of funds in centralised exchanges used for betting.
Economic stability a priority amid election season, with interest rates held steady.

Legal Audit Intensifies Over Election Betting in Taiwan

As the presidential race gains momentum, Taiwanese authorities express apprehensions regarding utilizing decentralized platforms, such as Polymarket, for election wagering. Despite the belief among certain users that on-chain transactions for betting align with local laws, officials have clarified that any involvement in gambling related to the elections poses substantial legal risks. Disregarding Article 88-1 of the Election Law, which governs such actions, may result in penalties, including 
  • confinement for up to six months; 
  • criminal captivity; 
  • or fines reaching NT$100,000.
Emphasizing the traceability of money transfers from centralized exchanges to betting platforms, authorities caution citizens to refrain from engaging in gambling that could breach election and recall legislation. And this is especially true during the sensitive electoral period in the country. The issue of crypto wagering transcends Taiwan's borders. Polymarket, a pivotal player in this arena, encountered legal obstacles in the United States in January 2022. Since June 2020, the Commodity Futures Trading Commission (CFTC) has alleged that the platform illicitly ran an unregistered facility, pointing to substantial trading volumes during the 2020 U.S. presidential election as evidence.

The Nation’s Economic Outlook Impacted by Election Uncertainties

With the impending election looming, Taiwan's major bank has opted to maintain its benchmark interest rate at 1.875%, aligning with analysts' expectations. This decision forms part of a strategic effort to cultivate steady economic and financial growth amid the electoral season. The bank, holding rates steady since March, has recently adjusted its economic growth forecast for the year to 1.4%, accompanied by a more optimistic projection of 3.12% for the following year. The central bank's prudence is influenced, in part, by the economic deceleration in China, presenting potential downside risks. Another notable concern is the sustained elevation of consumer prices, prompting a revision of the full-year inflation forecast to 2.46% for the current year and 1.89% for the next. The approaching event holds immense significance for the nation, with the dominant Democratic Progressive Party (DPP) vying for an unprecedented third consecutive term. However, the economic landscape presents a formidable challenge, especially the impact of a high consumer price index on the island's most vulnerable households. Despite Vice President Lai Ching-te, the DPP's candidate, leading in polls, formidable competition arises from the Kuomintang's Hou Yu-ih. The election's outcome bears weighty implications, potentially reshaping Taiwan's geopolitical relations, particularly with China. The Kuomintang's more China-friendly stance contrasts with the DPP's approach, amplifying the election's stakes.
Ekaterina Abramova Photo in GTA Style
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About the Author Ekaterina Abramova
Ekaterina Abramova, with her profound attention to detail and a personal love for mythological and Egyptian-themed slots, has swiftly made her mark at CryptoGamble. Her passion for slots like "Book of Dead" reflects in her meticulous writing, captivating crypto gamblers with her insightful and relatable articles. Just one year into her journey, Ekaterina's dedication to enriching the gambler's experience shines through, inviting readers to join her in exploring crypto gambling with a fresh, informed perspective.
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