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Taiwan central bank remains open-minded about blockchain and big data technology

Taiwan’s central bank has said it will consider implementing blockchain technology to enhance its operations.

According to Yang Chin-long, the new governor of Taiwan’s central bank, the agency be looking at and remain open-minded on the rapid development of financial technology, including Big Data and distributed ledger technology.

He added that while these technologies are not revolutionising the financial landscape in the island at this point, it could make an impact in the currency policy and its payment industry.

He added that Taiwan may make use of blockchain tech to improve the security and efficiency of Taiwan’s electronic payment system.

Read more: Hong Kong, Singapore, Taiwan and Switzerland join fintech forces

This is most likely the first time that Taiwan makes such an open statement about these technologies and their potential.

Coindesk reported in late 2016 that a consortium of Taiwanese financial institutions had already been formed to develop consumer-facing payment platforms powered by Microsoft’s Azure blockchain-as-a-service platform.

Related: Canada to use blockchain and biometrics to help track international travellers

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