Senior Taiwanese official: The government should prepare for the collapse of the cryptocurrency market

nCritics of runaway comments: Taiwan rarely sells its opinions on cryptocurrencies, but Mr. Shi Junji, a senior local official, made a number of specific comments on this at a recent seminar, to a certain extent, on behalf of the Taiwanese government’s attitude toward cryptocurrencies. Although he believes that the cryptocurrency market will not collapse rapidly in the short term, the Taiwan authorities are prepared to do so. They need to study countermeasures to control the financial impact of cryptocurrencies and to ensure financial stability in the event of any crisis.n
nTranslation: Inan
A senior Taiwanese official is urging the government to formulate a policy to deal with the potential impact of cryptocurrencies on Taiwan’s financial stability.n
At a seminar chaired by the Taiwan Academy of Finance and Economics on February 2, Shi Junji, vice president of Taiwan’s Executive Yuan, talked about the financial implications of cryptocurrencies and related regulations.n
According to the government report, Shi said that as cryptocurrency has grown rapidly in recent years, Taiwan should actively explore policies to deal with the ever-increasing impact of this technology on the financial sector. Moreover, Taiwan should be prepared to maintain its financial stability as the cryptocurrency market collapses.n
Shi Junji explained that when the transaction price of bitcoin is $ 10,000, its market capitalization is about $ 170 billion, which is equivalent to one-third of Taiwan’s foreign exchange reserves, double the Taiwan government’s budget, or the total assets of all Taiwan’s banks .n
Shijun pointed out that despite the soaring Bitcoin prices that make cryptocurrencies considered in a huge bubble, but the price itself does not necessarily mean that this situation.n
However, he concluded that the government should start exploring ways to ensure that it is prepared to contain its impact in the face of a serious decline in the value of cryptocurrencies.n
It is noteworthy that Shi Junji was the chairman of the Taiwan Financial Management Committee from 2016 to 2017.n

Leave a Reply

Your email address will not be published. Required fields are marked *