Taiwanese Citizen on Trial for Cryptocurrency Betting on Election Results in the Country

Byadmin

Jun 20, 2024
Taiwanese Citizen on Trial for Cryptocurrency Betting on Election Results in the CountryTaiwanese Citizen on Trial for Cryptocurrency Betting on Election Results in the Country

A man has been accused of violating Taiwan’s “Presidential and Vice Presidential Election Recall Act” after using an online crypto gambling site to bet on the presidential elections.

According to Taiwanese media LTN, a man identified as “Chen” has been charged with alleged violation of the aforementioned law in late 2023. The Shilin District Prosecutor’s Office has accused Chen of using the crypto betting site Polymarket to wager around $500 on the presidential elections.

It is reported that Chen used his phone to access the Polymarket website and placed a bet of $472.17 on Ko Wen-je’s victory in the presidential elections. In addition, he made another bet of 60.16 USDC that the Democratic Progressive Party (DPP) would win the majority of seats in the legislative body.

Chen will have to appear in court to face charges, as authorities revealed that he made the bets between December 12th and 17th, approximately a month before the elections.

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Prosecutors also cited that Chen violated the “Public Officials Election Act” by using the internet to gamble on the results of the central government elections. The same law provides that addicted individuals can receive community treatment as an alternative to punishment, but they may be imprisoned for 6 months or fined if caught participating in election-related gambling activities. The fine can be up to 100,000 Taiwanese dollars (approximately $3,100).

Those organizing gambling activities can be imprisoned for up to five years and/or fined up to 500,000 Taiwanese dollars (around $15,500), thus benefiting from creating conditions for gambling or inciting others to engage in such activities.

Chen admitted to the crime and cooperated with the authorities. Due to his lack of criminal record, he was allowed to pay a fine of $4,000 and defer the criminal prosecution for one year.

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