Taiwan is yet another nation in South-East Asia where cryptocurrency and blockchain technology is being considered as a means to develop the nation’s economy and technological progress.
The nation of Taiwan is pro-technology and is heavily investing in cryptocurrency and blockchain technology. Taiwan is hotbed for tech startups focusing on blockchain, IoT and AI. While the use of cryptocurrency is not illegal, it is illegal to solicit money from the public using digital security tokens.
In an announcement, the National Development Council (NDC) of Taiwan said that it will launch a blockchain alliance in three months.
The NDC is a policy-related agency in Taiwan’s executive branch of the government, also known as the Executive Yuan.
The NDC has already consulted other government departments, experts and academics in order to determine the purpose of the alliance, Minister Chen Mei-Ling told the Smart City Summit & Expo in Taipei.
Mei-Ling reportedly hopes that Taiwan may become an important hub for the global development of blockchain technology, to improve public governance. The Minister also lauded blockchain’s potential to improve food safety by tracking products through the supply chain.
The idea of tracing food using blockchain technology has already been utilized by many companies globally.
IBM partnered with retailer giant Carrefour to track food back to their sources using blockchain technology, last year.
This article was originally sourced from CoinTelegraph.