Taiwan Supports Development Of Blockchain Technology And Cryptocurrency

Taiwan Take Up A Pro-Bitcoin Stand Alongside Japan

Just when the cryptocurrency world was undergoing a massively tumultuous phase thanks to the ICO ban by once cryptocurrency friendly countries such as China and South Korea came a ground-breaking announcement by the chairman of Taiwan’s Financial Supervisory Commission, Wellington Koo. In a joint session of the cabinet and the parliament, the chairman kept his view that Taiwan will not proceed in the footsteps of South Korea and China which have heralded an outright ban on activities in the cryptocurreny sector. Rather the Taiwanese officials wants to follow a friendlier approach which will move in sync with the adoption and development of both blockchain technology and cryptocurrencies in the country.

Also Read:International Monetary Fund (IMF) likely to Issue an International Cryptocurrency

Jason Hsu, a congressman belonging to the Taiwan’s Nationalist party was recently quoted as saying:

“Just because China and South Korea are banning, doesn’t mean that Taiwan should follow suit – there is a huge opportunity for growth in the future. We should emulate Japan, where they treat cryptocurrency as a highly regulated, highly monitored industry like securities.”

This also portrays the deregulatory pro-FinTech stance of the Nationalist party.

Just a month back, the central bank of China proposed a blanket ban on all activities pertaining to ICO by attaching an illegal tag to the same. This caused various Chinese cryptocurrency bigshots to pull down their shutters. A week back, South Korean officials sent chills down the spine of cryptocurrency aficionados around the world by following suit. On the contrary, Japan gave Bitcoin the recognition of being a legal tender during April this year. Recently, Japan also issued licenses to 11 Bitcoin Exchanges 

Also Read: Cryptocurrency Exchanges in U.S.A To Get Official License

Jason Hsu expressed considerable worry regarding this chain reaction which in due course can cripple the entire cryptocurrency dynasty. He was quoted as saying:

“ I am worried that with both China and South Korea banning ICOs, all this hot money will flow into Taiwan’s stock market and real estate.”

Passing of the “Financial Technology Innovation Experimentation Act’ during the parliamentary session held at Taiwan will impart a full circle to the pro crypto movement. As an when the bill passes, a fintech sandbox shall be established by the legislation for blockchain and cryptocurrency startups in a deregulated space.

Also Read:Central Bank Of Russia Gives A Positive Nod To Cryptocurrencies

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