Taiwanese Central Bank Sees Future In Blockchain For Payment Systems

Yang Chin-long, the new governor of Taiwan’s[1] central bank, indicated in a speech[2] yesterday, Feb. 26, that the bank would be open to exploring Blockchain[3] technologies.

At the end of January, Taiwanese capital Taipei had announced that they intended to turn into a ”smart city[4],” utilizing Blockchain for providing technological advances[5] like pollution sensors and health history tracking to citizens by partnering with IOTA[6].

During his speech at the presidential handover ceremony, Yang Chin-long said that the central bank will be open to “[adopting] 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].”

In October of 2017, Taiwan’s Financial Supervisory Commission (FSC) publicly announced its support[7] for Initial Coin Offerings[8] (ICO), cryptocurrencies, and Blockchain in the country in a move to counter the strict crypto regulations in China[9] and South Korea[10].