Taiwan’s new central bank chief said the bank is open to adopting new technology such as the blockchain to improve the functioning of the financial system.
In his inaugural speech, Yang Chin-long said the central bank will adopt “artificial intelligence technologies and big data analysis to better predict and analyze global economic conditions.”
The bank welcomes innovations and is interested in studying how fintech development could reshape the future of the whole financial industry, he added.
Further, Yang said his bank will explore the blockchain distributed ledger technology, which underlies cryptocurrencies such as Bitcoin, to know its effectiveness in increasing the security and efficiency of payments.
Taiwanese authorities have been open to blockchain and cryptocurrencies, a stance that contrasts with the stringent regulations in China and South Korea such as a ban on initial coin offerings.
In October last year, Taiwan’s Financial Supervisory Commission Chairman Wellington Koo had said his country would take a friendlier approach to the cryptocurrency industry and blockchain to encourage their adoption and development.