After HongKong, it is time for Taiwan

[Hamza2424]

The announcement of Taiwan is much more different from Hong Kong. Because Hong Kong announced that they are gonna work on the development of the Crypto Hub in China dn for these reasons that announcement was way bigger than the current announcement of Taiwan. Even a few weeks back I was reading the news randomly and I found that Hong Kong even reached the economists of the Japanese market for the development plans. Taiwan is also changing its policy on the crypto market which indicates the world is moving forward now and the theory is getting closer to coming true which is the coming Bull rally is going to be due to the Asian market. Many other reasons also affect it as the recent global politics.

[kryptqnick]

Maybe it's just a coincidence, especially if the regulations were already announced earlier. But I suppose it could be competition as well. That being said, it seems that the news articles are mixed (as was also noticed by some people in the thread), considering that some say that the reports about allowing banks to offer crypto services are actually false. What also seems concerning to me is that major media outlets don't seem to have any recent news about Taiwan and cryptos, with the latest news being a month ago. Normally, it means that the info is not confirmed or that some outlets are pushing old news... So is Taiwan really allowing banks to offer crypto services? Or is it a speculation that is written and spread by some media because it would make for a great comparison with Hong Kong?

[cydrix]

They recently stated that they will introduce cryptocurrency norms sooner, but since everything takes time—at the very least, a year—the urgency is only for the announcement. Because of the geopolitical tensions between Taiwan and China, I'm not sure how well Taiwan will do with its implementation because China would, by nature, fight against it.

[gunhell16]

This was supposed to happen but the timing is perfect. A few hours back Taiwan announced that it will allow traditional Banks to offer Bitcoin & Crypto trading services. A month back they had announced that Bitcoin and cryptocurrency regulation are on the way. But why so fast?

I mean, what was the hurry? Is it because HK announced a few days back that their largest bank plans to extend its service to crypto? Or it is a competition between China & Taiwan as to who gets a major chunk of the crypto business.

Whatever is the reason? I feel that this news should bring a lot of cheer to the market. Why? As another country joins the list that accepts Bitcoin & cryptocurrency as an entity and wants it to thrive.

What do you guys think?

I'm not surprised by what's happening because that's where the crypto industry or bitcoin is going in the whole world, to be honest. This kind of implementation by countries today shows that they know that the fall of Bitcoin cannot be stopped in the future and that the whole world will actually use it.

Whatever their reason is, for sure they are probably just promoting who has the most Bitcoin or other crypto in this industry. This is just my opinion.

[BTCBroker2016]

Soon we gonna see more adoption in the world not only HongKong and Taiwan

[dezoel]

It really makes a ton of sense to make crypto as legit as it gets for any nation and governments. I get that some people might have some questions about it, but that doesn't mean that each nation will approach it the same way, it will be different situations without a doubt. Not every nation has the same size neither, that changes things, both economically and population as well.

El Salvador made it legal for example, and that was easy because they are a small nation with small economy, they couldn't invest even a billion dollars, there are people who could spend that without a care, PEOPLE, and this is a nation we are talking about. So you can't expect USA to get there quickly, it may take decades before bitcoin would be possibly legal tender there, probably never. Hence, it is going to be different for China as well.

[Sarah Azhari]

Whatever is the reason? I feel that this news should bring a lot of cheer to the market. Why? As another country joins the list that accepts Bitcoin & cryptocurrency as an entity and wants it to thrive.

What do you guys think?

I felt the same as you, but will Taiwan even get more pressure from China?, because we already know that Bitcoin will bring big changes from the country that implemented it. Like Elsavador, they get pressure from the big countries around and the world bank. Maybe not even big effect from now, but when Bitcoin and crypto are very massive used by people in Taiwan, I really sure China won't just shut up, and maybe will make Taiwan's economy be messed up. I think Taiwan must create cooperate immediately with countries that have the same power as China. Taiwan must make a meeting soon with USA and its associate.

[CryptocurencyKing]

I wouldn't call it so fast, we are about 12years in the making and he got just a handful of countries amongst the nations of the world looking forward to an adoption. That ain't fast, that's slow progress and slow progress isn't any bad progress. As a matter of fact, it creates room to strip away any impurities in the system as it grows.

My concerns here is, how are we going to incorporate cryptos into local banking?
Let's not forget that the banks operate a centralized scheme, bitcoin is decentralized and bitcoin is supposed to help users attain some financial freedom so, where do the banks really come in aside from swapping cryptos for fiat.

[xSkylarx]

Or they are just very fast to implement it or something about the tension between them and china. What ever the reason is for sure it was all about money involved on it they want to maximize something that can generate more money for them to prepare on something.  What i am just amazed right now that there are now couple countries having crypto in their country how much more after halving?

[MoonOfLife]

Soon we gonna see more adoption in the world not only HongKong and Taiwan

This is certain, but the question is when it will happen. Currently, we still only see small countries accepting and using bitcoin, but no major countries have come forward to support bitcoin yet. So I think it will be a while before we see global adoption. But what is happening now shows that bitcoin is the future and people will need it in the future.

[CryptoHeadlineNews]

My concerns here is, how are we going to incorporate cryptos into local banking?
Let's not forget that the banks operate a centralized scheme, bitcoin is decentralized and bitcoin is supposed to help users attain some financial freedom so, where do the banks really come in aside from swapping cryptos for fiat.

That's the same question I also had in mind to ask, knowing truly what Bitcoin stands to represent, as a decentralized digital currency where banks nor the government has no control over it. But however, I think since Hongkong and Taiwan are not the first two countries to adopt the use of Bitcoin as legal, what could likely happen is for they to operate just as the already Bitcoin legalize countries does currently at the moment (i.e El Salvador & Centre African Republic), whereby banks are placed in charge to regulate the issuance of Bitcoin and all other digital assets through a developed centralized system where users can be able to pay for goods and services with bitcoin at low transaction fees.

[Japinat]

Hongkong and Taiwan are pioneers to enforce more friendly environment exclusively legal and regulatory policies for companies in blockchain and cryptocurrency. They are not the same as China mainland but having some great initiatives in the Asia is great.

In 2017 bull run, we had Middle East and in 2023 market towards 2024 bull run, we might see more adoption growth including regulatory aspect in this continent. It won't stay outside and watch the Europe, South America and Latin America countries to play as hubs of cryptocurrency.

Soon we will have big countries to announce their bombing adoption on cryptocurrency and related companies with clearer regulations so that companies in this field can more easily to comply with.

I believe Singapore as well is having some thoughts of being a hub in Asia and if I'm not mistaken, they also wanted to be a legal tender just like El Salvador did but as of now, they are still taking their time to observe and study further about it because even if we say that El Salvador may have some improvements since they became a legal tender, we all know that it was not an easy step especially that they were the first ones to do it without any experience.

[lepbagong]

They recently stated that they will introduce cryptocurrency norms sooner, but since everything takes time—at the very least, a year—the urgency is only for the announcement. Because of the geopolitical tensions between Taiwan and China, I'm not sure how well Taiwan will do with its implementation because China would, by nature, fight against it.

I think that if indeed China will do that it could but maybe it won't affect that it will still go ahead, it's too far if the tensions so far between China and Taiwan will affect. If there is indeed going to be an intervention against Taiwan, China will be able to do it but it hasn't been carried out in the past, unlike the situation in Hong Kong, where there was a handover.
if competition can of course be ensured but once again the impact will certainly not affect it, but agree that this will make the market more enthusiastic.