Taiwan’s Journey towards Blockchain, Utopia and the Congressman behind It All

One congressman in Taiwan is seeking to transform the island into a hub for everything to do with blockchain technology. Popularly dubbed the “Crypto Congressman”, Jason Hsu is already making inroads in his ambitious plan.

Taiwan's Journey Towards Blockchain

Enticing Blockchain Startups from Around the World

Asia has generally been accommodating towards blockchain technology and cryptocurrencies. However, since China banned cryptocurrencies there has been a vacuum in the region. Taiwan is hoping to fill this vacuum by creating a conducive environment for blockchain companies.

Taiwan’s government is currently working on developing a special economic zone that will be specially designed for blockchain companies. It plans to achieve this through friendly policies and subsidized resources, among other approaches. It hopes to attract 200 global blockchain companies that may feel disenfranchised in their current locations. By doing this Taiwan will boost its impact in blockchain circles and be on the forefront of making the most off of blockchain technology.

Creating a Positive Environment for Cryptocurrencies

Taiwan also has a more positive attitude towards cryptocurrencies when compared with other countries. Mr. Hsu is particularly optimistic that cryptocurrencies have a place in the current finance industries.

He argues that it is not only possible for cryptocurrencies to co-exist alongside fiat currencies but also that they have the potential to overcome some of the problems facing countries such as Venezuela and other under-developed countries in Africa.

At the moment Congressman Hsu is working on making it easier for the average person to develop and mine cryptocurrencies. He has often complained about the growing dominance of a few companies when it comes to mining. 

For instance, he is worried that one of the upcoming big companies set to launch its IPO in Hong Kong will control 51% of the current hash power. In fact, only two companies control the largest stake of hash power at the moment. Mr. Hsu argues that this defeats the purpose of decentralisation for which blockchain technology is popular.

Mr. Hsu is already working on a solution to this problem which he has dubbed “decentralised mining”.He is banking on his country’s strengths in making IC chips and semi-conductors to develop more efficient and powerful mining chips. These chips will make it possible for the average blockchain entrepreneur to mine without the need for advanced and expensive machines. The project will be crowd-funded and communal; it will be modeled after Bitcoin’s peer-to-peer network.

Achievements and Future Plans

One of the most notable achievements in this space so far is the introduction of sandbox policy for Taiwan’s financial technology industry. Congressman Hsu hopes that this new policy will enable blockchain start-ups in the financial sector to come up with products and solutions that are viable on a global scale so as to make Taiwan a leader in this space.

Mr. Hsu has also successfully introduced 25 other projects that have been implemented across different government departments. Their effects will be far-reaching – for instance, some of these projects seek to improve supply chain management while others will regulate how court records are stored. And it doesn’t end there; Mr. Hsu hopes to launch a digital identity program that he has dubbed Taiwan Global ID that will enable citizens to have their visas on blockchain.

Congressman Hsu also plans to work with other Asian countries in his development of self-regulatory organizations (SRO) guidelines for blockchain and cryptocurrency startups. He has already planned a summit for November that will be attended by regulators and representatives from Japan, South Korea, Singapore, and other interested countries.

Hurdles and Setbacks

Mr. Hsu is one of very few politicians in Taiwan with such a positive regard for blockchain technology. Taiwan’s government is mostly conservative and many politicians are skeptical about policies that they regard as radical. To this end, Mr. Hsu has to try to develop and bipartisan caucus that will give him the leverage he needs to pass his ambitious policies.

Conclusion

Taiwan already boasts of a vast population of tech entrepreneurs, and it is making good progress in its adoption of friendly blockchain policies. Mr. Jason Hsu has already overseen the implementation of several significant policies, but he maintains that he is just getting started. If everything goes as planned Taiwan could one day become a global leader in blockchain and cryptocurrency technologies.

An Article by : M Cadelina