Taiwan lawmaker calls for bitcoin reserve at national conference

[_act_]

A Taiwan lawmaker, Ko Ju-Chun has recommended bitcoin to be included in their nation's reserve, alongside foreign currencies and gold.

This is what I like about the lawmaker:

He believes this move could help hedge against growing global economic uncertainty and increasing regional geopolitical risks. He presented this proposal during the National Conference held today.

https://coinstats.app/news/acb88e9286d31a7f270dd6a94fd01fc20aba0e2fccde2bb7d3dcf5f0380716c7_Taiwan-Lawmaker-Advocates-for-Including-Bitcoin-in-National-Reserves/

He knows the value of bitcoin.

[Upgrade00]

His intentions are right and it could be a useful hedge against inflation in a very uncertain global economy right now. He also pointed out how it doesn't solve the financial problems of the country, which shows he's done his homework on Bitcoin.

While I think it's a good idea, it will be best if the country has become generally accepting of Bitcoin. We are approaching what could be the top of this cycle, if they buy and it dips, he can come under a lot of criticism by people who do not understand the process of cycles.

[headingnorth]

Considering the tremendous success stories of El Salvador and Bhutan in implementing their bitcoin reserves,
it would irresponsible and foolhardy not to do it.

You would think a country like Taiwan, Japan, South Korea etc. whose economies are built around the high tech industry
would be one of the first to adopt something like bitcoin, one the great technological innovations of modern history.  
I thought Asian people were supposed to be smart?

Countries that are slow to adapt to change are the ones who usually end up falling behind.
What are they waiting for? The price to reach one million per coin before taking action?

[Rustam Meraj]

That is really new and interesting idea from  politician Ko Ju-Chun. It is cool to see someone in government understand that Bitcoin could be important for country money holdings especially because world economy is bit shaky and there are tensions in different parts of world.
Reasons he gives make much of sense. Because Bitcoin is not controlled by one central bank and there will only be limited amount of it it could help protect country wealth when usual economy is uncertain or when there are political problems between countries. If Taiwan added Bitcoin to things it keeps in reserve like other countries money and gold it would show that they are thinking in modern way about managing their money. It definitely shows that this politician understands what makes Bitcoin valuable. This kind of thinking could make other countries to think about using Bitcoin in their own financial plans in future.

[Darker45]

Particularly in the case of Taiwan, the lawmaker speaks the truth. "...in intense situations, it may not face the risk of embargo.”

Taiwan's status as an independent country is highly unstable. To a certain extent, it's built on sand. The threat isn't just any country; it's no less than it's superpower and bully neighbor: China. And it can't rely on other nation's help, too, even the US. The US could even betray and sell them to China.

If worst comes to worst and, God forbid, the tension escalates into a full blown invasion, Bitcoin is probably the safest way for them to keep their wealth.

They're sitting on tons and tons of gold that aren't even kept safe overseas. They're holding all of it in their tiny, threatened, island nation which is well within China's arm's reach. The lawmaker is right to warn that in times of regional tensions, "safeguarding these assets might become difficult." It's certainly a wise idea to keep some of their assets in Bitcoin.

[OcTradism]

Particularly in the case of Taiwan, the lawmaker speaks the truth. "...in intense situations, it may not face the risk of embargo.”

Taiwan's status as an independent country is highly unstable. To a certain extent, it's built on sand. The threat isn't just any country; it's no less than it's superpower and bully neighbor: China. And it can't rely on other nation's help, too, even the US. The US could even betray and sell them to China.

If worst comes to worst and, God forbid, the tension escalates into a full blown invasion, Bitcoin is probably the safest way for them to keep their wealth.

They're sitting on tons and tons of gold that aren't even kept safe overseas. They're holding all of it in their tiny, threatened, island nation which is well within China's arm's reach. The lawmaker is right to warn that in times of regional tensions, "safeguarding these assets might become difficult." It's certainly a wise idea to keep some of their assets in Bitcoin.

China (mainland) is governed by CCP and they want to occupy Taiwan as soon as possible. They are still not able to do this but they have never abandoned their occupy plan against Taiwan. I feel quite sure that people in Taiwan are like people in Hongkong, they mostly don't want to be governed by CCP and live communist dictators. They are strong and want to fight for it but between want and achieve it in reality is big difference.

Taiwan proactively build up their own strength as preparation for any war with China mainland in future but they will hope that China mainland will have problems in economy so that there will be less budget for their army development.

Taiwan will aim at building up stronger economy and also army and this proposal is part of their efforts for a stronger Taiwan.

[Dave1]

A Taiwan lawmaker, Ko Ju-Chun has recommended bitcoin to be included in their nation's reserve, alongside foreign currencies and gold.

This is what I like about the lawmaker:

He believes this move could help hedge against growing global economic uncertainty and increasing regional geopolitical risks. He presented this proposal during the National Conference held today.

https://coinstats.app/news/acb88e9286d31a7f270dd6a94fd01fc20aba0e2fccde2bb7d3dcf5f0380716c7_Taiwan-Lawmaker-Advocates-for-Including-Bitcoin-in-National-Reserves/

He knows the value of bitcoin.

And most likely he want to rub it in against the Chinese government as we all know that the Chinese are not a fan of Bitcoin since 2018. And with all the news about Bitcoin being used by other countries are reserved, then it make sense for them to be joining the bandwagon as well.

It could be that there could be opposition along the way, but it's normal as their form of government is not authoritative as China so maybe there will be hindrance along the way but at the end, they might make this into law.

[coupable]

Considering the tremendous success stories of El Salvador and Bhutan in implementing their bitcoin reserves,
it would irresponsible and foolhardy not to do it.

I would have agreed with you if you had cited the example of the United States after Trump's success in establishing a diversified cryptocurrency reserve, including Bitcoin and other major cryptocurrencies, despite Congress's failure to approve it. Congress did not explicitly state its refusal to use taxpayer funds to finance Bitcoin purchases to fill the reserve. However, the Salvadoran example is perhaps the worst example that could be followed, and the Bitcoin reserve experiment can be considered a complete failure and cannot have been a well-thought-out plan.

Taiwan is not alone in its reported intentions to establish a national Bitcoin reserve. Russia has been considering this proposal since Trump announced his plans regarding Bitcoin. Some Asian countries, such as Japan and Korea, have also been considering this proposal.

[X-ray]

No reason to not have bitcoin reserve.

Large countries are using it for trades, it have the potential to go up in value than any other asset out there.

But this could be the after effect of US accepting bitcoin as strategic reserve, smaller countries will try to rethink their decision and can even change their stance to adopt bitcoin.

If the country is developed, I'm sure it's already in their book to discuss.

[Cryptomultiplier]

No reason to not have bitcoin reserve.

Large countries are using it for trades, it have the potential to go up in value than any other asset out there.

But this could be the after effect of US accepting bitcoin as strategic reserve, smaller countries will try to rethink their decision and can even change their stance to adopt bitcoin.

If the country is developed, I'm sure it's already in their book to discuss.

I think the underlined word here is 'developed country,' because a country of which isn't economically developed has to first of all accept Bitcoin and cryptocurrencies as a regulated legal tender without heavy taxes on it, to experience the full benefit from it, else, going straight to open a Bitcoin and cryptocurrencies reserve may come at a cost that may affect the economy further, instead of fixing it.
Taiwan government should learn from the footsteps of U.S who have been successful in launching their own reserve and have set in place reasonable parameters to check its activities and trend movement.

[joniboini]

I wonder which SEA countries will propose the same thing in the next few months. The idea is cool, but the real problem is transparency. In my country, the plan is full of "trust me bro" claims, which makes it hard for the average joe to support the proposal. It doesn't help that this is not the first time the government has tried to collect money from the masses for investment purposes with little to no transparency. Rather than celebrating it, the feeling I get from the community is high alert because the government might launder money on their own with a plan like this. CMIIW.

[aoluain]

I commend this Taiwan lawmaker for not using what many others use and just name "crypto",
instead he specifies Bitcoin. He obviously knows the advantage to HODL'ing Bitcoin
and has a vision for the future with a possible looming difficult economic future ahead

I wonder though who has set this 'reserve fund' in motion, was it Michael Saylor
or was it Donald Trump?

IMO, it was MS who brought the idea forward but Trump advertised it to the masses!
and now we see some countries float the idea of taking it on.

[Japinat]

He nailed it. Bitcoin’s always been a solid hedge against inflation, so every country should really consider holding it as part of their national reserves.

It’s not even that risky if you know how to manage it properly. I mean, if private companies can stack a bunch of Bitcoin, why not countries too, right?

It’s time to move away from the traditional playbook. Whether people like it or not, Bitcoin is here to stay and it’s on its way to becoming one of the top 10 biggest assets in the world (if not yet). But of course, the real goal is Top 1.

Here's a thing, Bitcoin isn’t political, so it’s tough to manipulate. That’s the power right there.

[sunsilk]

He's right about saying that Bitcoin is a good hedge against inflation and like what most of us tell it, that's how it goes.

But I think that there are other things that Taiwan needs to focus right now. Because of their territorial dispute and the one-china policy that they're dealing with right now.

I don't think that the other lawmakers are going to give importance to that right now. I am not saying that they should ignore that but, maybe after all of the other hot issues that they're dealing with.

[Doan9269]

A Taiwan lawmaker, Ko Ju-Chun has recommended bitcoin to be included in their nation's reserve, alongside foreign currencies and gold.

This is what I like about the lawmaker:

He believes this move could help hedge against growing global economic uncertainty and increasing regional geopolitical risks. He presented this proposal during the National Conference held today.

https://coinstats.app/news/acb88e9286d31a7f270dd6a94fd01fc20aba0e2fccde2bb7d3dcf5f0380716c7_Taiwan-Lawmaker-Advocates-for-Including-Bitcoin-in-National-Reserves/

He knows the value of bitcoin.

This is another winning edge of bitcoin to increasing adoption and use as reserve currency, i want to believe that the first impression last long, which begin with how US started it all by showing interest on bitcoin reserve and ever since then, this has spark up the heart of many other countries in making moves towards the same, we have been of recent time having an inflow of countries, organization and institutions who have been showing interest on bitcoin reserve currency, by the end of this year, many would have join and it may also increase the market performance of it all for all time high.

[Rockstarguy]

It is very necessary for the Taiwanese government to look into the development of a Bitcoin reserve. The historic success of Bitcoin has made people see the importance of having Bitcoin. A Bitcoin reserve is one that is held for a long time, and it doesn't make sense for reserves to be in fiat because of the decline of fiat over time.

Bitcoin, as a store of value, is a good development for countries to accept it as a reserve. Any country that is working hard for the betterment of its economy would choose Bitcoin as reserves because of the value it will gain over time. A Bitcoin reserve will play a better role in increasing the reserves of a country, unlike fiat.

[Lida93]

His intentions are right and it could be a useful hedge against inflation in a very uncertain global economy right now. He also pointed out how it doesn't solve the financial problems of the country, which shows he's done his homework on Bitcoin.

While I think it's a good idea, it will be best if the country has become generally accepting of Bitcoin. We are approaching what could be the top of this cycle, if they buy and it dips, he can come under a lot of criticism by people who do not understand the process of cycles.

Anyway, you already said it yourself, which I do agree with you about him having done his homework on bitcoin before taking the step for a call for his country towards bitcoin national reserve. It's obvious he's acknowledgeable with the ups and downs of bitcoin investment and would also profer advise to the government on how and when to buy that would be more beneficial to them. From the 5% he suggested to be used from the $50B my guess is as good and anyone that he knows what's he is talking about.

[ultrloa]

A Taiwan lawmaker, Ko Ju-Chun has recommended bitcoin to be included in their nation's reserve, alongside foreign currencies and gold.

This is what I like about the lawmaker:

He believes this move could help hedge against growing global economic uncertainty and increasing regional geopolitical risks. He presented this proposal during the National Conference held today.

https://coinstats.app/news/acb88e9286d31a7f270dd6a94fd01fc20aba0e2fccde2bb7d3dcf5f0380716c7_Taiwan-Lawmaker-Advocates-for-Including-Bitcoin-in-National-Reserves/

He knows the value of bitcoin.

What I like about this Law maker Ko Ju Chun is he strongly believe the decentralize nature of a Bitcoin and for having a fix supply could bring something positive changes to their country.

Currently they are heavily investing on Gold and he suggest that Taiwan should diversify and consider to look at Bitcoin as alternative asset to invest. Since they already discuss about those things I guess there's huge chance that this plan would really happen especially that there's already good developments happening in US especially for passing of each states on their own Bitcoin reserves. Lets see more development since Taiwan's addition is great and for sure that lots of countries would provably consider to think about creating their own Bitcoin reserve to.

[EarnOnVictor]

He knows the value of bitcoin.

Bitcoin has, of course, proven its worth to the world, so I'm not surprised they are now looking towards it as a reserve. But we've heard this from many countries, but none has been seen passing the bill yet, not to mention implementing it. As we watch on, the amount of Bitcoin injected into the reserve matters. And I hope they do that at the right price to avoid discouraging others in the future.

[bullbandit9]

While it is nice to hear positive statements about Bitcoin, them coming from a single individual even if he is a politician won't do much. What matters is whether this is a wider belief or if he has any backing from his party or other members.

Finding precise information on this is difficult. What I managed to locate on one website is the following here https://juchunko.com/en-US/docs/manual/introduction.

In November 2023, I was recommended by the 129-year-old party - KMT, ranking third on the party's non-constituency legislator nomination list. Following the election results on January 13, 2024 (with the KMT receiving 4,764,293 party votes, accounting for 34.5% of the total), I officially entered the Legislative Yuan on February 1, 2024.

According to Wikipedia, KMT is the largest independence party in Taiwan. I still could not locate more information whether he has support for the proposal or not.