Taiwan's New Central Bank Chief Talks Blockchain for Payments


Taiwan's incoming central bank chief has shown blockchain programs will be explored by the bank .

Speaking this week through a ceremonial swear-in, Taiwan's new central bank governor Yang Chin-long said the authority will adopt new technologies while proactively researching and adopting innovations in artificial intelligence (AI), big data and blockchain technology.

Yang 64, who served as an economic researcher at the bank in the 90s, pointed to the lack of effect in recent years despite their rapid advent internationally by technologies on the policies of Taiwan. Future developments, however, could restructure the whole financial industry and the country's currency policy.

The two would permit the bank to analyze and effectively determine patterns in Taiwan conditions, '' he said.

In roughly translated statements on blockchain technology, he notably added:

«The Bank will also try to explore the feasibility of enhancing the safety and efficiency of payments systems using decentralized blockchain technology»

The remarks represent the first example of Taiwan bank foraying. Like other endeavors by counterparts elsewhere, it is important that the decentralized technology is very earmarked for supporting a core banking procedure.

Taiwan will look to adopt cryptocurrencies and ICOs in a move to foster and aid their development according to the Financial Supervisory Commission chairman Wellington Koo of Taiwan. In a session addressing Taiwan's parliament in October, the regulator called on the government to emulate the likes of Japan rather than China and South Korea where crypto exchanges and ICOs are prohibited.

More recently, the vice premier of Taiwan urged the government to introduce a framework for the industry that was cryptocurrency, saying their impact shouldn't be under-estimated.