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   212

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.

Arizona to Protect Crypto Nodes Legally

According to the public records, proposed protections for cryptocurrency node operators are moving ahead in Arizona's legislature
21 February 2018   43

On February 6 House Bill 2602 was filed by Representative Jeff Weninger (R.-17). It passed the Arizona House of Representatives on February 20 with 55 out of 60 votes. Now it will be sent to the State Senate.

The bill will prevent governments in the state from imposing restrictions on people who run nodes in their residences.

The bill does not specify whether it is restricted to cryptocurrency miners. However, the bill states that individuals using computing power to either validate or encrypt a transaction on a blockchain are protected.

This is just one out several bills making their way through the Arizona legislature. Another bill by Weninger would formally define the terms "coin", "blockchain," and "initial coin offering" within the state's legal framework.

Another bill recently passed by the Arizona Senate which would empower the state government to accept taxes in bitcoin and other cryptocurrencies.