Taiwan Official: Government Should Prepare for Crypto Collapse188.36

A senior Taiwanese official is urging the government to prepare policies to tackle the potential impact of cryptocurrencies on the island's financial stability. Speaking at a seminar, hosted on Feb. 2 by Taiwan Academy of Banking and Finance, Shih Jun-ji, vice president of Taiwan's executive branch of government, addressed issues around the financial impact of cryptocurrencies and the relevant regulatory responses. According to a government report, Shih said that amid the rapid development of cryptocurrencies in recent years, Taiwan should be proactively engaging in exploring policies to tackle the technology's increasing influence on finance. The official explained that bitcoin's market capitalization - around $170 billion when it was trading at $10,000 - would equal one third of Taiwan's foreign exchange reserve, twice of the government's financial budget or about the total assets of all the banks in Taiwan.
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