The legislator invites Taiwan to bitcoin reserves at the National Congress
The Taiwanese legislator, Ko Joe Chun, called on the government to consider adding Bitcoin to its national reserves, indicating that it may be a hedge against global economic uncertainty.
Ko, a legislator in the committee in the Legislative Board of Taiwan, Yuan Legislative, moved to X on Friday to report that he called Bitcoin (BTCInvestment by the Taiwanese government at the National Congress on May 9.
In his statements, Ko pointed out that Bitcoin could become a hedge amid global economic dangers and urged Taiwan to recognize the encrypted currency as well as golden and foreign exchange reserves to enhance its financial flexibility.
The Ko announcement came shortly after the legislator detained Speaking with Samson Mww, from Bitcoin adoption advocates by countries such as El Salvador At BTC Tech Jan3.
Taiwan is an economy directed towards export
Ko highlighted that Taiwan is an economy moved by export, which witnessed great fluctuations in its national currency, the new dollar of Taiwan, amid global inflation and intensification of geopolitical risks.
“We currently have a golden reserve of 423 metric tons, and our foreign currency reserves are $ 577 billion, including investments in US Treasury bonds,” the legislator said.
In a scenario of the most intense currency fluctuations or potential regional conflicts, “it may be very likely that Taiwan is able to ensure security and liquidity,” adding that Bitcoin may be a wonderful addition to Taiwan reserves for several reasons.
“Bitcoin has been working for more than 15 years. It contains a total total, and it is a central, and controlled. Many countries focus on hedging features. At the same time, in intensive situations, you may not face the risk of ban,” he said.
Bitcoin is not the only solution
Referring to Many global initiatives that are considering adopting bitcoin As a backup asset, Ko stressed that he does not defend Bitcoin as the “only solution” of the increasing economic challenges.
Instead, the legislator suggested adding a “small percentage of bitcoin” to various assets as tools to customize sovereign assets and risk hedge, and the ability of the backup of the Taiwan financial system.
Related to: Trump deceived XRP to attend Crypto Reserve: Report
It was previously suggested that Taiwan can allocate a maximum of $ 50 billion to Bitcoin at X on May 6.
“When the exchange rate risk increases and regional uncertainty increases, it is time to present new tools to create a more flexible financial strategy framework,” Ko said, adding:
“As former Brigadier Chen Chung said, Bitcoin is a digital age gun. It may also be golden for the digital era, or the silver of the digital age. Or it can be gunpowder. The wise nation will not let the weapons in the hands of others.”
The news comes at a time when Taiwan appears as a friend of encryption, with the Financial Supervision Committee Paying the institutional trials for coding custody services In late 2024.
China continues the main mainland to maintain its hostile position on the encrypted currency yet Imposing a ban on multiple encryption activitiesIncluding mining, in 2021.
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