Taiwan’s Election Targeted by Illegal Crypto Gambling Platform Polymarket

December 16, 2023 William Ross Asia Pacific, Casino & Gambling, Cryptocurrency News 0

Taiwan's Election Targeted by Illegal Crypto Gambling Platform Polymarket

Polymarket, a decentralized gambling website that allows users to bet on the outcomes of various events, has been accused of illegally influencing Taiwan’s presidential election.

The website has created a market for predicting the election winner, scheduled for January 11, 2024. However, this may violate Taiwan’s Election Law, which prohibits any form of gambling or betting on the election results.

According to Article 88-1 of the Election Law, anyone who gambles or bets on the election results or induces others to do so shall be imprisoned for not more than six months, detention, or a fine of not more than NT$300,000. The same applies to anyone publicly announcing the odds or results of such gambling or betting.

Polymarket and the Legal Gray Area of On-Chain Gambling

Polymarket is a prediction market platform that allows users to bet on real-world events, including elections, using cryptocurrency. While not illegal in itself, on-chain political gambling raises concerns about potential violations of Taiwan’s Election Law, specifically Article 88-1. This article prohibits acts that may interfere with the fairness of elections and on-chain gambling could be interpreted as such.

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Potential Risks and Consequences

Authorities are concerned that Polymarket could be used to manipulate public opinion or influence voter behavior. Malicious actors could potentially pump up the price of certain outcomes on the platform, creating a false impression of their likelihood and swaying voters. Additionally, foreign actors could use Polymarket to place bets and anonymously interfere in the election process.

Warnings and Calls for Caution

In light of these concerns, Taiwanese officials and financial regulators have warned about the risks of using Polymarket for political betting. They have urged crypto users to be cautious and to avoid engaging in any activity that could violate the Election Law.

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William Ross
About William Ross 290 Articles
I am a cryptocurrency enthusiast and writer with over five years of experience in the industry. I have been following the development and innovation of Bitcoin and Ethereum since their inception, and I enjoy sharing my insights and analysis with readers. I have written for various reputable platforms, such as CoinDesk, Cointelegraph, and Decrypt, covering topics such as market trends, regulation, security, and adoption. I believe that cryptocurrency is the future of finance and technology, and I am passionate about educating and informing people about its benefits and challenges.