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Taiwan wants to Lead the Way for Blockchain and Cryptocurrency Industries

Reading Time: 2 minutes by on July 3, 2018 Altcoins, Bitcoin, Blockchain, Business, Development, News, Regulation

Unlike its neighbors, Taiwan wants to jump on the blockchain and crypto bandwagon. To achieve this, it must first establish policies that would support the implementation of blockchain technology.

The second area that Taiwan has to focus on is the refinement of its regulatory framework, followed by the assurance that Taiwan’s policies are in accord with the global standards for investment protection. Finally, there should be more discussion about the continuation of the development of public governance utilizing technological innovation.

Taiwan Jumps on Blockchain Bandwagon

These ideas were expressed by Chen Mei-ling, the Director of National Development Council (NDC) of Taiwan, on July 2, 2018 at Asia Blockchain Summit.

Chen said Taiwan could turn into a hub for blockchain technology. Not only that, but it might also become a driving force in the fourth industrial revolution that the world is going through at this very moment.

Should Taiwan’s government choose to pursue the development of its digital infrastructure further, it might take the leading position in the global economy.

NDC is already creating its data protection office. This office would, among other things, promote digital governance through the utilization of technologies such as blockchain. It would also serve as a mediator between technology developers, startups, and large IT companies in Taiwan.

In May 2018, privately-held Taipei Fubon Commercial Bank has become the first bank in Taiwan to establish a blockchain-based payment system. The bank introduced the system for restaurants and merchants in the near vicinity of the National Chengchi University, iThome reported.

The bank now plans to expand the system to include stores and businesses across the Chengchi area.

In March 2018, Taiwan announced that it would not be taking a strict stance on cryptocurrencies like some other countries in the region, including China and South Korea. Instead, the nation has chosen a more neutral path, following Japan’s example.

The government of Taiwan had also gone one step further in the creation of a legal framework for blockchain, with the formation of the Taiwan Parliamentary Coalition for Blockchain (TPCB). Led by legislator Jason Hsu Yu-Jen, the group aims to bring together politicians from different parties, so they could help create favorable regulations for blockchain development and attracting investments.

Asia Blockchain Summit – Sounding Board for Blockchain Supporters

Speakers at Asia Blockchain Summit.

(Source: Abasummit)

An essential event for blockchain industry that is being held in Taipei this week, the Asia Blockchain Summit 2018 aims is to examine investment opportunities related to the blockchain industry. Not only that, but the Summit also analyzes issues in technology development and provides a platform for sharing ideas on the best regulatory framework in the field of blockchain and cryptocurrencies.

With over 1,000 attendees, the Summit will be the sounding board for more than 100 speakers and over 50 influential companies from 30 countries over the course of July 2 and July 3 2018.

The speakers at the Summit include some well-known names in the world of the blockchain, such as Changpeng Zhao, the CEO and founder of Binance exchange, Charlie Lee, the creator of Litecoin, and Hitters Xu, the founder of Nebulas.

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