Taiwanese Central Bank Sees Future In Blockchain For Payment Systems

[cryptolake]

Yang Chin-long, the new governor of Taiwan’s central bank, indicated in a speech yesterday, Feb. 26, that the bank would be open to exploring Blockchain technologies.

At the end of January, Taiwanese capital Taipei had announced that they intended to turn into a ”smart city,” utilizing Blockchain for providing technological advances like pollution sensors and health history tracking to citizens by partnering with IOTA.

During his speech at the presidential handover ceremony, Yang Chin-long said that the central bank will be open to “[adopting] artificial intelligence technologies and big data analysis to better predict and analyze global economic conditions:”

    “In addition, the bank will also try to explore the feasibility of enhancing the security and efficiency of payment systems using decentralized ledger technology [Blockchain].”

In October of 2017, Taiwan’s Financial Supervisory Commission (FSC) publicly announced its support for Initial Coin Offerings (ICO), cryptocurrencies, and Blockchain in the country in a move to counter the strict crypto regulations in China and South Korea.

[Mandoy]

If this is true then surely the world of cryptocurrency will blossom in Taiwan. But I guess if they are going to use blockchain technology in the banking system and accept cryptocurrency then the next would be very clear and that is to set up government regulations. KYC and AML are the basic laws to be complied for such activities and with this hoping that it is not only the blockchain technology that will prosper in that country but also bitcoin and other cryptocurrencies.

[Fundamentals Of]

Yang Chin-long, the new governor of Taiwan’s central bank, indicated in a speech yesterday, Feb. 26, that the bank would be open to exploring Blockchain technologies.

At the end of January, Taiwanese capital Taipei had announced that they intended to turn into a ”smart city,” utilizing Blockchain for providing technological advances like pollution sensors and health history tracking to citizens by partnering with IOTA.

During his speech at the presidential handover ceremony, Yang Chin-long said that the central bank will be open to “[adopting] artificial intelligence technologies and big data analysis to better predict and analyze global economic conditions:”

    “In addition, the bank will also try to explore the feasibility of enhancing the security and efficiency of payment systems using decentralized ledger technology [Blockchain].”

In October of 2017, Taiwan’s Financial Supervisory Commission (FSC) publicly announced its support for Initial Coin Offerings (ICO), cryptocurrencies, and Blockchain in the country in a move to counter the strict crypto regulations in China and South Korea.

This is a great news for all of us blockchain and crypto supporters. Do you have any links available so that we could also try to spread the word? This is the kind of news that should be shared, not just those baseless and absurd FUDs that are sometimes more read than news such as these. Taiwan is an advanced country, a developed and highly technological country, that is as rich as they are diverse. Taiwan is fast becoming a financial hub in the Asian region. I hope this step will also encourage other countries to explore and consider adopting the blockchain technology.

[BTCLovingDude]

it feels like ever since Venezuela released their useless centralized ICO coin and apparently have the potential of making a lot of money from idiots, every other country like them, are trying to get involved with cryptocurrencies!
once i thought it is only lazy scammer individuals that copy paste the projects but now it seems like every country is doing it...

[alyssa85]

At the end of January, Taiwanese capital Taipei had announced that they intended to turn into a ”smart city,” utilizing Blockchain for providing technological advances like pollution sensors and health history tracking to citizens by partnering with IOTA.

This sounds like very good news for IOTA, and good news for Taiwan as well, if they get to do things like pollution tracking more efficiently than they do now.

[zxl912157]

At the end of January, Taiwanese capital Taipei had announced that they intended to turn into a ”smart city,” utilizing Blockchain for providing technological advances like pollution sensors and health history tracking to citizens by partnering with IOTA.

This sounds like very good news for IOTA, and good news for Taiwan as well, if they get to do things like pollution tracking more efficiently than they do now.

It has been seen that Asia will become the world's largest crypto market, China Korea and Taiwan will become the future crypto trading center.
This will appeal to other Asian countries, such as Thailand and other Southeast Asian countries.
One more step Asia will be the center of a new civilization.

[12tribes]

Obviously, any bank that will NOT be obliterated in the near future, must begin to give the cryptocurrency world serious thoughts and how to adapt to it and adopt it.
Just recently, the JP Morgan's CEO admitted that the bitcoin and other coins were a threat to their existence......
While banks may not be automatically wiped out, they begin to see a dwindling in fortunes, market opening and weight in  the financial markets as their clients turn part if not all of their major holdings into crypto currency...

[barabut]

He just get his new position for the Taiwanese central bank new governor, he announced that the central bank open to the blockchain technology they will study it. But my concentration was on this announcement, in my point of view it is much more important : In addition, the bank will also try to explore the feasibility of enhancing the security and efficiency of payment systems using decentralized ledger technology [Blockchain].

[ace9989]

There's another great news other than Putin's accepting the blockchain system. I think more and more government and banks are accepting the fact that this crypto can make some changes on how people interact in terms of banking, transaction and selling so they are starting to make a step to adapt into this new kind of Currency.

[bitart]

There's another great news other than Putin's accepting the blockchain system. I think more and more government and banks are accepting the fact that this crypto can make some changes on how people interact in terms of banking, transaction and selling so they are starting to make a step to adapt into this new kind of Currency.

Well, this can be good news, but if you think about the background, maybe it's not as good as it seems.
There's no problem accepting the fact that cryptos can change the future, they are changing the future at the moment, so it's OK. Also, there's no need to argue that banks and country leaders will adapt and will move to blockhain, that will be a longer process but it's very likely. The real question is, who controls that blockchain they will develop and they will move their transactions to... Banks and country leaders won't use a decentralized currency/model, if they are able to create/develop an own currency, which they can control fully. Bitcoin can change the world, but it will have competitors from the countries, that's for sure...

[Baofeng]

At the end of January, Taiwanese capital Taipei had announced that they intended to turn into a ”smart city,” utilizing Blockchain for providing technological advances like pollution sensors and health history tracking to citizens by partnering with IOTA.

This sounds like very good news for IOTA, and good news for Taiwan as well, if they get to do things like pollution tracking more efficiently than they do now.

It has been seen that Asia will become the world's largest crypto market, China Korea and Taiwan will become the future crypto trading center.
This will appeal to other Asian countries, such as Thailand and other Southeast Asian countries.
One more step Asia will be the center of a new civilization.

Please, removed China in the equation. They will not be the crypto market that we have initially thought it was since they suddenly turns its back against it since last year.

For Taiwan though, its very welcoming and this is just another moved to pissed off the Mainland. Well, blockchain is really the future, what ironic though is that bankers are bashing bitcoin while enjoying the technology behind that powers it.

[Marrying_Couch]

this is a good plan, we see china has many investors and abundant funds, not only in the country but already in many other countries, very flexible bitcoin can be used for investment as well as the means of payment, but that must be emphasized is the security and efficiency of the system , and do not forget to be decentralized well, in order to avoid disputes and suspicions from the community of bitcoin users. If this is successful then it will be an example for other countries to be a smart country with emphasis on technology.

[zxl912157]

At the end of January, Taiwanese capital Taipei had announced that they intended to turn into a ”smart city,” utilizing Blockchain for providing technological advances like pollution sensors and health history tracking to citizens by partnering with IOTA.

This sounds like very good news for IOTA, and good news for Taiwan as well, if they get to do things like pollution tracking more efficiently than they do now.

It has been seen that Asia will become the world's largest crypto market, China Korea and Taiwan will become the future crypto trading center.
This will appeal to other Asian countries, such as Thailand and other Southeast Asian countries.
One more step Asia will be the center of a new civilization.

Please, removed China in the equation. They will not be the crypto market that we have initially thought it was since they suddenly turns its back against it since last year.

For Taiwan though, its very welcoming and this is just another moved to pissed off the Mainland. Well, blockchain is really the future, what ironic though is that bankers are bashing bitcoin while enjoying the technology behind that powers it.

I'm not sure china will do the fight against crypto. Their people use VPNs to access outside markets such as japan and singapore.
who is able to fight the internet unless they ban the Internet.
China just wants to be special in their way. maybe he'll create his own blockchain.

[bololord]

Yang Chin-long, the new governor of Taiwan’s central bank, indicated in a speech yesterday, Feb. 26, that the bank would be open to exploring Blockchain technologies.

At the end of January, Taiwanese capital Taipei had announced that they intended to turn into a ”smart city,” utilizing Blockchain for providing technological advances like pollution sensors and health history tracking to citizens by partnering with IOTA.

During his speech at the presidential handover ceremony, Yang Chin-long said that the central bank will be open to “[adopting] artificial intelligence technologies and big data analysis to better predict and analyze global economic conditions:”

    “In addition, the bank will also try to explore the feasibility of enhancing the security and efficiency of payment systems using decentralized ledger technology [Blockchain].”

In October of 2017, Taiwan’s Financial Supervisory Commission (FSC) publicly announced its support for Initial Coin Offerings (ICO), cryptocurrencies, and Blockchain in the country in a move to counter the strict crypto regulations in China and South Korea.

I think this is a great first step towards a bright future for the cryptocurrency industry. It is true that cryptocurrencies provide a type of innovation to the conventional currency that might revolutionize the way we look at money. I am glad that big countries in terms of economic growth saw potential to blockchain technology that we bitcoin investors see.