Taiwan is planning to establish a blockchain alliance supported by the regulatory government to form a legislative blockchain partnership. Taiwan is forming an administrative body that supports the blockchain alliance. The Taiwan National Development Council (NDC) announced that they are looking forward to distributed ledger manufacturing technology with the main goal of promoting blockchain technology in the unique field of Taiwan’s economy. Taiwan’s legislators announced today that they will arrange another parliament to help encourage Taiwan’s growing blockchain industry. The Taiwan Block Chains Association (TPCB), led by lawmaker Jason Hsu Yu-Jen, aims to unite party politicians to establish a clear regulatory framework to promote blockchain development and protect investors.
He said that Taiwan wisely focused first on blockchain technology rather than cryptocurrency. Encryption will be difficult to get recognized by regulators until concerns about evading taxes and other illegal practices with cryptocurrencies are resolved. According to sources concerned about the matter, Taiwan’s NDC Corporation has announced that it hopes to establish a nationwide technical alliance through the blockchain in the coming months. NDC official Chen said that the executives gathered with a number of government agencies, academics and distributed ledger technologists to discuss the progress of the blockchain project. He made it clear that this technology will play an important role in national governance and administration.
As a long-time supporter of blockchain and cryptocurrency, Xu has repeatedly stated on different occasions that blockchain technology is essential to help Taiwan maintain its global competitiveness. Through the introduction of global venture capital funds and cryptocurrency exchanges, a special regulatory “sandbox” was established to support initial currency issuances (ICOs), making Taiwan a “cryptocurrency region” and a “blockchain island”.
Taiwan is working to accelerate the development of encryption asset resources and blockchain technology. The Taiwan government issued a statement last year saying that no matter how the mainland China blocks the actions related to encryption assets, it proposes to accept the free strategy of Bitcoin and other cryptographic resources. Lin Chih-chia, secretary general of the government authority, said at the press conference that the event will be fully assisted by the President of the Legislative Yuan Su Chia-chyuan. Regardless of what is needed for blockchain activities, whether it is human resources, financial-related assets, or amendments to existing laws, we will give priority to making the blockchain industry flourish and making Taiwan a blockchain industry center.
As South Korea did, Taiwan has taken a middle course on the issue of cryptocurrency. There is no cryptocurrency like mainland China, and there is no cryptocurrency like Japan. Instead, Taiwan turned the financial technology regulatory sandbox into a testing area for regulatory guidance and security checks. In addition, it allows for restrictive transactions in community transactions, but these transactions are still put on hold until the cryptocurrency is transferred to the standard currency-related system. At the same time, the Taiwan government has expressed its desire to build Taiwan into a blockchain center. This information is considered very secure because it is encrypted and any changes are recorded in the distributed ledger. Blockchain technology has potential applications in a variety of industries including finance and banking, logistics, government, healthcare and pharmaceuticals, supply chain management, and agriculture.