In remarks before a joint session of Taiwan’s parliament and cabinet members this week, Financial Supervisory Commission chairman Wellington Koo said that his country intends to remain open and friendly to digital currency and blockchain technology. Koo’s statement came in response to a request from congressman Jason Hsu. The congressman had asked that the government clarify its position on cryptocurrency and related technology.
Hsu wants to ensure that Taiwan doesn't follow China's lead on cryptocurrency. In recent weeks, that country has outlawed initial coin offerings and taken a hardline on domestic digital currency exchange trading. According to a report from The News Lens, Hsu believes that Taiwan’s government should adopt a welcoming stance toward digital currencies:
“Just because China and South Korea are banning, doesn’t mean that Taiwan should follow suit – there is a huge opportunity for growth in the future. We should emulate Japan, where they treat cryptocurrency as a highly regulated, highly monitored industry like securities.”
Koo’s remarks to lawmakers included a pledge to not ban the technology. He also appeared to agree with Hsu’s assessment of the potential economic benefits blockchain technology could provide for his country.
Hsu later suggested that the government's clarification should make it easier for lawmakers to move forward with the “Financial Technology Innovation Experimentation Act” – a legislative proposal designed to facilitate the creation of a deregulated “FinTech sandbox” for blockchain and digital currency startups.