Nascent blockchain technology to be incorporated in Taiwan’s Central Bank Operations

Taiwan’s Central Bank’s new Governor, Yang Ching-Long’s speech stated that for the first time blockchain technology would be included in Taiwan’s Central Bank and their operations.

Last Monday 26th February 2017, in his inauguration speech, the new governor Yang Chin-Long exclaimed that his organization will surely be embracing blockchain technology in a more distributed and decentralized way to scrutinize the development patterns of the country’s financial industry, thus securing transactions on every step of the process and anchoring the distributed ledger technology which will be completely open and transparent, with guarantees of keeping an open-minded approach to the use of Big Data technology.

Further, in his speech, he encourages to incorporate blockchain technology in the workings of Taiwan’s Central Bank to enhance the clarity, security, and efficiency of Taiwan’s electronic payment and transaction system, with a more optimistic approach during his tenure.

Recognizing that the blockchain technology might not have a direct material influence on Taiwan’s existing financial industries right away, but with a promise that in the near future blockchain technology will eventually get a grasp on the island’s transaction sectors and currency policy systems.

CoinDesk reports published in late 2016 suggests, that an association of several Taiwanese financial consumer-facing institutions has collaborated to develop a service-based platform, to power domains which are client facing in their transaction options, powered by Microsoft Azure blockchain, combining the performance of the six financial institutions and formulating the initiative penned by Taiwan’s regulators.

Yu-hsuan Tsai, Investment advisor from Kaohsiung spoke to AMBCrypto and says (translated version),

“There is a clear race among countries to be the first to implement blockchain technology in their governing and financial systems. The countries who do it first are most open and adaptable to change”

Kuo Li, a Bitcoin and Ethereum investor from Taipei says,

“We don’t have a clear picture on Bitcoin and cryptocurrencies as of now but the technology of blockchain has made an entry into our country now, I hope the investors get a clearer picture on taxes and regulations soon”

Yang Ching Long’s approach to be inclusive of this new technology shows a clear, systematic and direct initiative of Taiwan Central Bank to streamline their payment options and create an inclusive consumer based platform for easier and safe transactions.

The new policies adopted by the Taiwan Central Bank needs assistance from the outside world as well, and being the governor he promises to do his part of representing TCB in the world of financial institutions.

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