At the U.S. Taiwan High Tech Forum, the founding director of Filecoin Foundation opined that it is the right time for Taiwan to boost and enhance its development of cryptocurrency and blockchain, especially now that China has quit all activities related to crypto mining and trading since September.
The progress of the crypto industry has seen some sort of inhibition from the uncertainty that comes with government regulation across the globe. As stated by the founding director of Filecoin Foundation, Clara Tsao, China has created an example and, it has had a vivid impact on the state of things in the industry which led to the dislocation of firms, including miners from the region to North America and some other part of Asia.
Adding to her comment on the Online Forum, Tsao said this move by China is a very good opportunity for Taiwan who has been lagging in terms of policy-making on developments in the market and has its regulators not cleared about simple terms and evolutions in the space like the difference between DeFi and Blockchain. But in all, the country can position itself on the positive side too.
When it comes to cryptocurrency and blockchain technology currently, Taiwan is not that vibrant. “Though crypto-related companies around received a warm reception from investors, the strict banking regulation is doing no real good,” the co-founder and CEO of XREX, Wayne Huang, said in an interview with the media outlet.
Clara Tsao sharing a similar perspective with Huang, referenced a situation where she heard everyone at the front desk of a bank has at least ten certifications to serve in that role. But while it shows excellent mastery, it can be a limitation to how people explore novel innovations like blockchain who don’t have such hardcopy certifications.
Tsao claimed that while there is a shortage of talents in the industry, the country could be a ground to nurture them. And she hopes in no time, a new wave of blockchain engineers will emerge from Taiwan while the country builds a system that allows diverse innovation in the space.
Concluding her discussion, Tsao claimed the way to go is to ensure that everyone ramps up quickly on every other thing that needs to be known about blockchain technology, especially the part that gives China an advantage over the rest of the world. An example is the development of a Service Network based on Blockchain – a public-private infrastructure used nationwide to encourage the mass adoption of blockchain tech – and also the CBDC rollout.