Taiwan’s Central Bank Looking into Blockchain Technology

Taiwan's Central Bank

Looks like we have yet another central bank moving into the blockchain industry.

Taiwan’s Central Bank

On Monday, the world was informed that Taiwan’s central bank plans to start exploring blockchain technology in-depth. More specifically, according to Yang Chin-long, the new governor of the central bank, the small island nation wants to start using blockchain to improve a number of its operations.

Financial technology has become immensely popular as of late, so it’s not surprising that Chin-long’s agency wants to start taking note of all that goes on in the sector. After all, no one wants to get left behind when a new piece of technology emerges. We saw this when the Internet first surfaced.

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The Taiwan central bank governor did not go into much detail about how it plans on exploring the technology but did state that it will remain open-minded on all that happens in the sector. Further, Chin-long stated that he recognizes that blockchain technology could help to alter Taiwan’s currency policy and payment sector in a positive manner.

Mentioned briefly, this is not the first central bank to come forward and discuss blockchain technology. There have been a number of central banks, like the European central bank, who have stated that they are not fans of cryptocurrencies or blockchain, while others, such as Saudi Arabia’s central bank, are completely invested in these industries.

I suppose it just boils down to what these banks think blockchain and virtual currencies can do to their own financial systems. Based on Chin-long’s speech yesterday, it appears Taiwan is in the same boat as Saudi Arabia.

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To end, the Taiwan central bank governor stated that he forecasts that during his tenure, the bank will start to look into using blockchain technology to advance both the efficiency and security of the nation’s electronic payment system.

Featured Image: Depositphotos/© TKKurikawa

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