Taiwanese Central Bank Looking to Adopt Blockchain Technology

On Feb 26, the newly appointed governor of Taiwan’s Central Bank, Yang Chin-Long made certain that the bank will be looking into Blockchain technologies to improve their operations. Now just to jog up your memory, a Blockchain is like a continuously growing list of digital records, a digital ledger of economic transactions. Its ingenuity lies in the fact that it is incorruptible and is also not limited to mere financial transactions, but everything of value.

Now, Chin-Long hopes to keep an open-minded attitude towards the new promising technologies that are coming into the market like Big Data and distributed ledger technology and hopes to integrate them to create a more advanced economy.

Despite the optimism, the 64-year-old economist still acknowledges that such new technologies can’t have a radical materialist change to the country’s present financial structure, it still can better the currency policy as well as the payment industries. As he later on addressed in his speech, there will be a focus on implementing the blockchain technology to improve the security and efficiency of Taiwan’s electronic payment system.

In his own words, Yang Chin-Long stated his desires to “adopt[ing] 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].”

However, this is not the first time the country is showing a positive outlook towards digitalization and modernization. Just last month, the Taiwan capital Taipei announced that they would be becoming a smart city and utilize blockchain technology to provide advancements in areas such as pollution sensors and also health history tracking for their citizen by partnering with IOTA.

Also, in October, Last year, the Taiwan Financial Supervisory Commision publicly announced their support for ICO, cryptocurrency, and blockchains. This can be seen as a counter move to the stricter policies and regulations being adopted in China and South Korea.

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