Taiwan’s lawmaker Ko Ju-Chun has called to consider adding Bitcoin to its national reserve, suggesting that it can serve as a fence against global economic uncertainty.
Ko, a legislator who is huge in the legislative body of Taiwan, the legislative Yuan, was taken to X on Friday to report that he had promoted Bitcoin (Btc) Taiwanese government investment in the National Conference on May 9.
In his statements, Ko mentioned Bitcoin’s potential to become a fence amidst global economic risks and encouraged Taiwan to recognize cryptocurrency next to gold and foreign reserves to boost financial stability.
Ko’s announcement came shortly after the lawmaker held talking to Samson Mow, who Proponents for Bitcoin Adoption of States such as El Salvador to his BTC tech firm Jan3.
Taiwan is an export-focused economy
I have featured that Taiwan is an export-driven economy that has experienced significant fluctuations in its national currency, Taiwan’s new dollar, amid global inflation and geopolitical risks intensifying.
“We currently have a golden reserve of 423 metric tons, and our foreign exchange reserve costs $ 577 billion, including investments in US treasury bonds,” the lawmaker said.
In a scenario of more intense volatility of money or potential conflicts in the region, Taiwan may “unlikely to ensure security and liquidity,” Ko continued, adding that bitcoin could be a great addition to Taiwan’s reserves for many reasons.
“Bitcoin has been running for more than 15 years. It has a fixed total supply, is decentralized, and resistant to censorship. Many countries are focusing on its features. At the same time, in extreme situations, it may not face the risk of embargo,” he said.
Bitcoin is not the only solution
Referred to Many global initiatives considered to be the adoption of Bitcoin As a reserve of owner, KO emphasized that he was not promoting Bitcoin as a “only solution” in increasing economic challenges.
Instead, the lawmaker suggested to add a “small proportion of Bitcoin” to various possessions as tools for the sovereign provision of assets and risk of healing, and backup capacity of the Taiwan financial system.
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He had previously suggested that Taiwan could allocate a maximum of 5% of the $ 50 billion Bitcoin reserve in an X post on May 6.
“When the rate of exchange and increased uncertainty in the region is rising, it’s time to introduce new tools to produce a more flexible financial strategy framework,” Ko said, and added:
“As former Dean Chen Chong says, Bitcoin is a digital season gun. It can also be gold of the digital season, the silver of the digital season. Or it can be gunpowder. A smart country will not allow weapons to be in the hands of others.”
The news came as Taiwan emerged as a crypto-friendly jurisdiction, along with the Financial Supervisory Commission Pushing institutional trials of crypto keeping services In the latter 2024.
Mainland China continues to maintain his hostile cryptocurrency stance after The imposition of a ban on many crypto activitiesincluding mining, in 2021.
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