Taiwan is forming a government backed Blockchain alliance

It was declared by the National Development Council (NDC), Taiwan that they are planning on creating technology for the distributed ledger (DLT), with the main purpose being the promotion of blockchain technology dissemination in the different sectors of the Taiwanese economy.

According to sources closely studying the matter, NDC Taiwan has declared that it wishes to build a national alliance for this technology, on blockchain in the next few months. Chen, the minister of NDC declared that the regulator had a meeting with many government agencies, academics and distributed ledger technology experts regarding the planning of this blockchain project. He stated clearly that this technology would play an important role in the governance of the country.

Taiwan is a country that has been planning to speed up its advancement in the realm of crypto assets and blockchain technology. The Taiwanese government made an announcement in March last year, that it intended on adopting a liberal strategy for Bitcoin and other crypto asset regulation despite the fact that their neighboring country, China has forbidden any such activity related to digital assets.

The minister stressed the need to modify the country’s existing legislation and creating new laws to encourage implementation and dissemination of the digital asset technology.

The manager of Bitcoin stated in an interview on the 5th of March, 2019 that the Taiwanese supervisory council of finance was planning a platform to encourage fundraising through security token offerings.

Despite the fact that many of the progressive states, companies, and agencies are fighting for their place in the blockchain race, it is noteworthy that many are still skeptical of this technology and its use for DLT.