Taiwan Central Bank to explore use of blockchain technology

台灣央行探討區塊鏈技術的使用

New director Yang Chin-long says the bank will remain open to new developments in fintech


TAIPEI (Taiwan News) – The recently appointed chief of Taiwan’s Central Bank, Yang Chin-long (楊金龍), this week mentioned that the bank may consider implementing block chain technology to improve the security and efficiency of transactions.

The possible adoption of block chain payment systems by the country’s central bank was mentioned during the new governors brief address at his swearing-in ceremony on Monday, Feb. 26 following his appointment.

According to a report from Finance Magnates, Yang stated that the central bank will “remain open-minded in the rapid development of financial technology, especially with artificial intelligence, big data, and blockchain technology."

If block chain, a “decentralized ledger technology,” can be successfully implemented then Mr. Yang believes that it may revolutionize Taiwan’s financial landscape, and may drastically alter the future of Taiwan’s financial policy.

As part of the Taiwanese government’s drive to become a “smart country,” Taiwan may become a trendsetter in the region and the world if the central bank chooses to begin adopting the new technology.

Yang Chin-long’s leadership at Taiwan’s Central Bank follows the previous director, Perng Fai-nan (彭淮南), who was at the post for nearly twenty years. Yang’s appointment has been greeted with approval and optimism.

Yang Chin-long (CNA Image)