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Taiwanese Parliament Forms Coalition For Blockchain




Lawmakers in Taiwan have formed a coalition to drive the growth of blockchain technology and cryptocurrency on a national level.

Taiwan could be joining the ranks of likeminded island governments looking to cryptocurrency and blockchain development as a way to bolster their prospects for the future. 

The Taiwan Parliamentary Coalition for Blockchain (TPCB) aims to unite various Taiwanese political factions under the banner of a better-defined regulatory framework that will help spur the growth of blockchain technology.

The coalition was formed with leadership from a long-standing blockchain advocate in Taiwan politics, Jason Hsu Yu-Jen, an at-large legislator serving as a Chinese Nationalist Party non-constituency member of Taiwan's 9th Legislative Yuan. Hsu is also known for founding the TEDxTaipei lecture series.

According to Hsu's Facebook feed, the founding reception for the TPCB was also used to reveal the establishment of the Taiwan Crypto Blockchain Self-Regulatory Organization (TCBSRO), which is expected to partially focus on ensuring transparency in the evolving cryptocurrency and blockchain regulatory environment.

Hsu has previously shared his aspirations for turning Taiwan into a "crypto nation" on social media. In a tweet from April 19, Hsu listed several opportunities for turning Taiwan into a "blockchain island." Against a backdrop of Taipei, Hsu asserted his belief that Taiwan could use a "sandbox" for initial coin offerings (ICOs), while also calling for pools of talented cryptocurrency and blockchain professionals in collaborative environments. Finally, Hsu expressed the importance of attracting both prominent cryptocurrency exchanges and tokenized funds to Taiwan.

Hsu's goals as stated on Twitter.
Hsu's goals as stated on Twitter.

This prompted Ethereum co-creator Vitalik Buterin to advise Hsu "beyond cryptocurrency," recommending an Estonian-style digital identity program "with cryptography and design that's maximally blockchain-friendly." Continuing to advise the same for both land and corporate registries, Buterin encouraged Hsu to "be a crypto gov tech hub, not just [a] cryptocurrency hub."

During the announcing ceremony, Lin Chih-chia, the secretary general of the legislature, pledged that the TPCB will receive support and guidance from Su Chia-chyuan, the president of the Legislative Yuan.

Taiwan's Financial Supervisory Commission has previously stated that Taiwan will base its regulations on cryptocurrency partly on Singaporean regulations. 

Jordan Daniell

Jordan Daniell has a passion for techno-social developments and cultural evolution. In his spare time, he enjoys astronomy, playing the bagpipes, and exploring southern California on foot. Jordan holds value in Ether.

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