The National Development Council of Taiwan (NDC) has revealed plans to create a distributed ledger technology (DLT) alliance whose primary objective would be to promote the adoption of blockchain technology in various sectors of the region’s economy, reports Taiwan News on March 27, 2019.
Taiwan to Form DLT Alliance to Promote Adoption
Per sources close to the matter, the NDC has announced it’s looking to create a national blockchain alliance in the coming months.
Reportedly, the NDC Minister, Chen Mei-ling who was present at the nation’s Smart City Summit & Expo, revealed that the agency had held meetings with a significant number of government parastatals, DLT experts, as well as academics in the state to accurately define the exact mission of the blockchain alliance.
Commenting on the initiative, Minister Mei-ling made it clear that the revolutionary technology could play a significant role in the nation’s governance and Taiwan has all it takes to occupy the frontline in the development of the nascent technology.
The state also plans to integrate blockchain technology into its agricultural and supply chain sectors to improve food safety by making it possible for the Council of Agriculture to trace the origin of food products seamlessly.
A Long Time Coming
It’s worth noting that Taiwan has been making active plans to put itself at the forefront of the crypto and blockchain revolution.
Earlier in March 2018, the government of Taiwan announced that it would take a more liberal approach towards regulating bitcoin and other cryptoassets in the state, unlike its Chinese neighbours that have outrightly banned all crypto-related activities in the country.
At the Asia Blockchain Summit in July 2018, Chen Mei-ling buttressed the need for Taiwan to refine its existing regulatory framework and formulate new rules that would promote the adoption and implementation of blockchain technology in the state.
On March 5, 2019, BTCManager informed that Taiwan’s Financial Supervisory Council (FSC) had announced plans to create a platform that would facilitate the raising of funds via security token offerings (STOs).
While several forward-thinking countries, firms, and organizations are scampering to join the blockchain technology bandwagon, it’s worthy of note that some people still doubt the potentials of DLT. On March 26, 2019, Bank of America’s chief operations and technology officer, Cathy Bessant declared that she’s still very bearish on the technology, as she is yet to see a single use case for DLT.