Cryptocurrency Affects Taiwan Financial Environment

Taiwan’s Vice Premier is worried about the impact of the cryptocurrency sector on the nation’s financial environment
07 February 2018   789

According to the official government report, Shih Jun-ji, Taiwan’s Vice Premier of the executive branch of government, touched the topic of the impact of cryptocurrencies on the nation’s financial system during his speech at the Taiwan Academy of Banking and Finance.

Shih Jun-ji insists on introducing measures to control the cryptocurrency. In his opinion,  the impact of Bitcoin and other cryptocurrencies should not be underestimated.

During his speech at the Taiwan Academy of Banking and Finance Shih highlighted that the cryptocurrencies are in the midst of a ‘bubble’. However, the soaring price gains of 2017 may not necessarily constitute a bubble of the ‘asset’ that is Bitcoin.

He also spoke about regulatory moves to oversee the cryptocurrency industry in Japan, the United States, European countries, and stressed the importance of planning policies to protect the financial system of Taiwan.

Unlike other Taiwan regulators, Shih Jun-ji is not hostile to the cryptocurrency, blockchain, and ICOs, and wants to secure the government’s financial system.

SEC May Approve BTC ETF in 2019

This thought was told by Bill Barhydt, chief executive of bitcoin payment start-up Abra
05 September 2018   414

In an interview with CNBC, the head of Abra, Bill Barhydt, said that the SEC had not yet approved the bitcoin-ETF because the initiators of the launch of these funds "do not meet the expectations" of the agency.

I think the issue with the SEC, quite frankly, is that the people who are doing the applications don't fit mold of who the SEC is used to approving. I used to work for Goldman Sachs, but if you look at how I'm dressed you probably wouldn't know it. So I probably, unfortunately, couldn't go like I am here to a meeting at the SEC to say I'm applying for the ability to issue an ETF.

Bill Barhydt

CEO, Abra

According to Barhydt, the applicant must "look, smell and behave" as the SEC wants to approve the application. He also believes that the application for the launch of ETF from a reputable financial company will be approved rather than from a start-up.

He also expressed confidence that the first publicly cryptocurrency ETF will appear next year.

It's going to happen in the next year, I would actually make a bet on it. There is too much demand for it.

Bill Barhydt

CEO, Abra

In late August, the SEC rejected an application for the ProShares Bitcoin ETF and ProShares Short Bitcoin ETF. At the same time, a similar fate awaited several applications for the launch of Bitcoin-ETF from Direxion and GraniteShares.