Taiwan legislators launch cross-party group to promote country's blockchain sector

Legislative Yuan member Hsu Yu-Jen launches new legislative body hoping to attract blockchain investment and jobs to Taiwan

Picture Credit: Pixabay

Picture Credit: Pixabay

TAIPEI (Taiwan News) – Legislators in Taiwan have launched a new cross-party alliance which they hope will facilitate the development of blockchain technology in Taiwan as well as safeguard investors.

The group, which will be known as the Taiwan Parliamentary Coalition for Blockchain (TPCB) is being spearheaded by Hsu Yu-Jen (許毓仁), a Kuomintang (KMT) member of the Legislative Yuan, who is also the co-founder of TEDx Taipei and a former employee of Taiwan News.

Hsu is a long-time advocate of blockchain and cryptocurrency technologies and is on record as arguing that it could be crucial in ensuring that Taiwan remains competitive on the global stage. Indeed, he has recently declared that he hopes to make Taiwan a "crypto-nation" and a "blockchain island" in comments made on Twitter.

Hsu hopes to encourage global cryptocurrency exchanges to base themselves in Taiwan and for the industry to serve as a magnet for both investment and attracting talent to the country. The TPCB appears set to be at the forefront of that policy.

Alongside the TPCB, Hsu also yesterday announced the launch of the Taiwan Crypto Blockchain Self-Regulatory Organization (TCBSRO). This body is intended to establish a transparent, fair and reliable cryptocurrency and blockchain market in Taiwan which meets international standards but also ensure that there are adequate safeguards in place to protect investors.

At the launch event, which took place yesterday in the Legislative Yuan, Lin Chih-chia (林志嘉) Secretary-General of Legislative Yuan, and TSU member, told attendees that "No matter what the blockchain initiative needs - whether it's human resources, financial resources, or a revision of current law - we will prioritize them for it to let the blockchain industry flourish so that it can be useful in Taiwan."

He also assured them that the new group had the full support of the current President of the Legislative Yuan, Su Chia-chyuan (蘇嘉全) of the DPP.

There is no doubt that crypto-currency and blockchain offers a real opportunity for Taiwan. China has recently banned cryptocurrency exchanges entirely as it was seen as a threat to the Communist Party’s ability to retain economic control and social order over their population.

But in democratic Taiwan, the potential economic benefits of blockchain are huge. It is fast-growing sector and offers real opportunities to bring high-end jobs, significant investment, and sizable tax return into Taiwan.

Taiwan’s geographic location makes it an ideal gateway to China and the lucrative markets of south-east Asia. To establish a foothold in the sector, Taiwan needs to move fast and cross-party political cooperation on this issue can only benefit the whole of Taiwan in the long term.