During a ceremonial swear-in, Taiwan’s new central bank governor Yang Chin-long stated that the bank will embrace new technologies including adopting innovations in artificial intelligence (AI), big data and blockchain technology.
In the 90s, Yang Chin-long served as an economic researcher at the central bank. He noted the lack of impact of financial technologies on Taiwan’s policies. However, new developments may restructure the country’s financial policy.
The central bank will adopt “an open mind to accept new ideas”, the new central bank chief added, specifically pointing to three technologies in big data, AI and artificial intelligence. The first two would enable the bank to analyze and effectively determine patterns of Taiwan’s economic and financial conditions.
The Chief of Taiwan Central Bank
According to him, the bank will also try to explore the feasibility of enhancing the security and efficiency of payments systems using decentralized blockchain technology.
More than that, Taiwan will look to embrace cryptocurrencies and ICOs in a move to foster and aid their development in the country.