Taiwan’s central bank might be eyeing blockchain technology to enhance its operations courtesy of its new governor, Yang Chin-long.
During his most recent speech at his inauguration ceremony which took place on Monday, the new central bank governor stated that Taiwan’s central bank will work towards embracing new technologies that facilitate fast development within the fintech industry.
Chin-long wants to focus on technologies such as decentralized ledger technology and Big Data among other technologies in order to enhance the services offered by the central bank. The new central bank executive also pointed out that emerging technologies have so far not had a big impact on the country’s financial systems. However, these technologies might end up having drastic changes that might lead to changes in Taiwan’s payment industry and also its currency policy.
In his speech, Chin-long also pointed that the central bank plans to evaluate the incorporation of blockchain into its systems during his tenure as the governor. The objective is to take advantage of the decentralized digital ledger technology which the central bank is convinced will offer huge advantages as opposed to what is offered by the already existing financial technologies.
If Taiwan’s central bank pursues the objective, it will join many of the ranks of many other companies and financial institutions that are looking to tap into the potential that blockchain technology has to offer. Numerous consortiums in Taiwan have already been formed to explore the use of blockchain. CoinDesk revealed in 2016 that some of Taiwan’s institutions have joint efforts to create a service-based platform that will support domains.
“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,” stated Taipei-based ethereum and blockchain investor, Kio Li.
Li also stated that cryptocurrencies might not be as welcome but blockchain technology is becoming more popular. Taiwan will require help external experts as far as the option of blockchain is concerned but either way, Chin-long will get to be at the forefront of the blockchain adoption.