In a breakthrough move towards the adoption of blockchain and cryptocurrency, Taiwan has announced the launch of a blockchain alliance. As per reports published by Taiwan News on 26th March, the National Development Council (NDC), the state’s agency related to policy making and implementation which is a part of Taiwan’s executive government branch also called Executive Yuan, officially released the announcement.
Citing the report, the Minister of National Development Council, Chen Mei-ling, revealed in the Smart City Summit & Expo held in Taipei, Taiwan that the NDC decided on the formation of a blockchain alliance after a series of dialogues and consultations with various departments of the governments, blockchain and crypto researchers and academicians.
The Idea Behind the Launch
The primary goal and purpose of launching a blockchain alliance is to bring about Taiwan’s inclusion and growth in the blockchain and crypto sectors. The government hopes to promote and improve the nation’s digital expansion with this launch.
Taiwan’s Financial Supervisory Commission also announced on the 4th of March that it would bring about the setting up of a fundraising system built upon the foundations of security token offerings, as reported by Taiwan Economic Daily.
Taiwan has been as of late delivering a welcoming approach towards the blockchain sphere. The Minister, Chen Mei-ling appreciated the blockchain technology incorporated in the food industry which encourages the safety of food consumed and ensures their widespread distribution in the market. The tracking of food items manufactured has been implemented on a global basis. However, this is not the only sphere blockchain technology has been revolutionizing. Recently, blockchain’s utilization was witnessed in Dubai, United Arab Emirates. Dubai launched “Blockchain Strategy 2021” as a means to help the nation curb immigration issues and improve the already existing migration laws and procedures.
Image: beeboys / Shutterstock.com