Taiwan Government Launches Investigation into Cryptocurrency Platform for Election Betting

The Taiwanese government announced that imprisonment and fines could be imposed following the betting incidents related to the presidential elections.

A serious investigation has been launched in Taiwan ahead of the upcoming presidential elections regarding citizens placing bets on election results through cryptocurrency betting platforms. Taiwanese authorities emphasized their strong opposition to crypto bets on election outcomes, cautioning citizens who use these platforms.

Major Investigation Underway!

According to reports, many Taiwanese citizens had placed bets on the elections through the decentralized betting platform Polymarket before the presidential elections. However, this situation led to a significant legal investigation in the country.

Imprisonment and Fines Possible

Taiwanese officials underscored that cryptocurrency betting is an illegal activity, questioning individuals who use such platforms. According to the report, numerous people have been subject to investigation in the aftermath of this incident, facing serious penalties such as imprisonment, detention, or fines of up to 100,000 New Taiwan dollars (approximately $3,188).

Lastly, the Polymarket platform had previously hosted significant betting activities during the 2020 U.S. elections, setting a new volume record of over $10 million.

Source: Cointelegraph

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