Blockchain Payment Services Potential: Taiwanese Central Bank

Cryptocurrency Regulation

The governor of Taiwan’s central bank – Yang Chin-long, highlighted out that the bank has come to a conclusions that it is very open to studying out blockchain technologies when it comes to financial services, during a speech on Feb 26.

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

Wei-bin Lee – Department of Information Technology commissioner, declared that on the project Digital Citizen Cards the city has created a team made of IOTA and Biilabs [local startup].

« We’ll be starting with related applications for Digital Citizen Card that can be used as a platform. We also seek to boost the authentication and integrity checks for municipality-to-municipality/institution-to-institution data exchange (such as medical records). »

Yang Chin-long, the new governor, during his speech at the ceremony added that is open to adopt ‘a.i. technologies and big data analysis to better predict 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].”

The bullish approach towards the crypto-ecosystem has been showcased even before as the Taiwan’s Financial Supervisory Commission declared that it will be supporting ICOs, digital currencies and the technology of blockchain, which announcement did come in contrary at a time when South Korea and China did pull-out the stricter-game card on regulations.