Taiwan Govt Shouldn’t Understimate Cryptocurrency Impact

An official government report reveals details of a speech from Taiwan’s vice president of the executive branch of government Shih Jun-ji, speaking at a financial seminar on Friday when he touched upon the topic of cryptocurrencies and their possible impact on the island nation’s financial environment. The official called on the government to introduce measures to manage the cryptocurrency sector after underlining the soaring gains and development of cryptocurrencies in recent years. Shih was speaking at the Taiwan Academy of Banking and Finance when he elaborated on bitcoin, specifically, noting its market capitalization of $160 billion dollars (with bitcoin price pegged at $10,000) would be more than twice the entire financial budget of Taiwan’s government. Having done his homework, the official also added that the valuation of bitcoin, at $160 billion, would be equal to the total assets of all Taiwanese banks and onone-thirdf the country’s foreign exchange reserve. Put simply, the impact of bitcoin and other cryptocurrencies should not be underestimated, Shih said.

Reference: https://www.ccn.com/govt-plan-safeguards-cryptocurrency-impact-taiwan-official/

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