Taiwan Set to Explore Bitcoin as National Reserve Asset Amid USD Volatility
The post Taiwan Set to Explore Bitcoin as National Reserve Asset Amid USD Volatility appeared first on Coinpedia Fintech News
Taiwan might soon make history as one of the first Asian nations to officially explore Bitcoin as part of its national strategic reserves. According to reports, the country’s central bank and the premier’s office have agreed to study how Bitcoin could be included as a strategic reserve asset and even begin pilot testing using seized Bitcoin before auction.
Taiwan Holding Bitcoin as a National ReserveAccording to Bitcoin Magazine, Taiwan Congress Legislator Dr. Ju-chun Ko believes that Taiwan’s economy needs stronger protection from global financial shocks.
With the local currency, the New Taiwan Dollar, showing high volatility this year, Ko has urged the central bank to explore Bitcoin as a backup reserve option.
He pointed out that Taiwan’s current reserves are heavily tied to the U.S. dollar, about 92% of its $577 billion foreign reserves are invested in U.S. Treasury bonds. The country also holds 423 tonnes of gold, but Ko believes that relying mostly on traditional assets limits Taiwan’s financial resilience.
