Taiwan lawmaker calls for Bitcoin reserve at national conference
Taiwanese lawmaker Ko Ju-Chun has called on the government to consider adding Bitcoin to its national reserves, suggesting it could serve as a hedge against global economic uncertainty.
Ko, a legislator at-large in Taiwan's legislative body, the Legislative Yuan, took to X on Friday to report that he had advocated Bitcoin investment by the Taiwanese government at the National Conference on May 9.
In his remarks, Ko cited Bitcoin's potential to become a hedge amid global economic risks and urged Taiwan to recognize the cryptocurrency alongside gold and foreign exchange reserves to boost its financial resilience.
Ko's announcement came shortly after the legislator held talks with Samson Mow, who advocates for Bitcoin adoption by states like El Salvador at his BTC tech firm Jan3. Taiwan is an export-oriented economy
Ko highlighted that Taiwan is an export-driven economy that has experienced significant fluctuations in its national currency, the New Taiwan dollar, amid global inflation and intensifying geopolitical risks.
'We currently have a gold reserve of 423 metric tons, and our foreign exchange reserves amount to $577 billion, including investments in US Treasury bonds,' the lawmaker stated.
In a scenario of more intense currency volatility or potential regional conflicts, Taiwan may 'very likely be unable to ensure the security and liquidity,' Ko continued, adding that Bitcoin could be a great addition to Taiwan's reserves for several reasons.
'Bitcoin has been operating for over 15 years. It has a fixed total supply, is decentralized, and is resistant to censorship. Many countries are focusing on its hedging attributes. At the same time, in intense situations, it may not face the risk of embargo,' he said. Bitcoin is not the only solution
Referring to many global initiatives considering Bitcoin adoption as a reserve asset, Ko stressed that he's not advocating for Bitcoin as the 'only solution' to rising economic challenges.
Instead, the legislator suggested adding a 'small proportion of Bitcoin' into the diversified assets as tools for sovereign asset allocation and risk hedging, and backup capacity of Taiwan's financial system.
He previously suggested that Taiwan could allocate a maximum of 5% of its $50 billion reserve to Bitcoin in an X post on May 6.
'When exchange rate risk and regional uncertainty increase, it is time to introduce new tools to construct a more flexible financial strategy framework,' Ko said, adding:
'As former Dean Chen Chong said, Bitcoin is the gun of the digital era. It may also be the gold of the digital era, the silver of the digital era. Or it could be gunpowder. A wise nation will not let weapons be in others' hands.'
The news comes as Taiwan is emerging as a crypto-friendly jurisdiction, with the Financial Supervisory Commission pushing institutional trials of crypto custody services in late 2024.
Mainland China continues to maintain its hostile stance on cryptocurrency after imposing a ban on multiple crypto activities, including mining, in 2021.
Source: https://cointelegraph.com/news/taiwan-lawmaker-pushes-bitcoin-reserve-national-conference
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