The Taiwan Bitcoin and Virtual Currency Development Association officially released the “Bitcoin and Virtual Asset Development White Paper” today and will host the “Bitcoin Development White Paper Release Conference and Taiwan Bitcoin Key Symposium” on Tuesday afternoon, March 12th, at The Ark in Taipei.
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(Supplementary Information:
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Table of Contents:
(1) Bitcoin as a store of value
(2) Bitcoin mining contributes to the development of renewable energy
(3) Bitcoin’s Lightning Network contributes to inclusive finance
(4) Bitcoin’s role in promoting technological innovation
Promoting virtual asset regulation and international exchange
Physical release of the “Bitcoin and Virtual Asset Development White Paper”
This article is a press release written and provided by the Taiwan Bitcoin and Virtual Currency Development Association and does not represent the position of D-qu.
The virtual asset industry has officially entered a critical period of global competition. Whether the virtual asset industry can become Taiwan’s next national treasure relies on the cooperation and understanding of all sectors regarding the importance of this industry to Taiwan.
The “Bitcoin and Virtual Currency Development Association” has gathered the expertise and perspectives of industry experts, scholars, and industry representatives to publish the “Bitcoin and Virtual Asset Development White Paper”. It provides the following three recommendations for Taiwan’s promotion of the virtual asset industry for reference by all sectors:
(1) Promoting Bitcoin policies and its application in Taiwan;
(2) Promoting regulation and application of virtual assets in Taiwan;
(3) Promoting the application and international exchange of blockchain technology in Taiwan.
In addition to being a target of virtual assets, Bitcoin also has its own value and importance that should be paid attention to. The following are four viewpoints:
(1) Bitcoin as a store of value
Bitcoin, also known as “digital gold,” has a correlation coefficient of 0.6 with gold, according to the academic article “Network effects and store-of-value features in the cryptocurrency market” in 2023. This means that Bitcoin is related to gold. Therefore, individuals, corporations, and governments can achieve the same hedging effect as gold by including Bitcoin in their asset allocation, which also helps increase overall risk resilience. The Taiwan government holds a large amount of gold concentrated in a single location, which poses certain risks. Therefore, it should consider how to provide Taiwan with additional insurance protection through Bitcoin.
(2) Bitcoin mining contributes to the development of renewable energy
Bitcoin mining has the characteristic of storing electricity, which can convert the wasted energy in the early stage of renewable energy development into assets or electricity storage, compensating for the weaknesses of renewable energy development and complementing Taiwan’s energy policy. In addition, our country is continuing to promote offshore wind power construction, and most of the potential sites are located in the Taiwan Strait, which has strategic importance for our country. If offshore wind farms can be extensively deployed in the Taiwan Strait, it may accelerate the development of renewable energy and enhance national defense capabilities.
(3) Bitcoin’s Lightning Network contributes to inclusive finance
Bitcoin’s Lightning Network is the most successful micro-payment tool. Compared to local payment tools in Taiwan, the Lightning Network has the advantages of globalization and low capital threshold. The average remittance cost for cross-border remittances in 2021 reached 6.4%. By using the Lightning Network, the public can make remittances quickly and at near-zero cost. In particular, the number of foreign migrant workers in our country has been increasing in recent years. If the salaries of foreign migrant workers can be transferred immediately to their families in other countries without delay through the Lightning Network, it is one of the application scenarios that combines virtual assets with finance.
(4) Bitcoin’s role in promoting technological innovation
Bitcoin’s use of blockchain technology leads technological innovation. For example, the Hong Kong Monetary Authority has used blockchain technology to launch green bonds, and the World Bank is considering tokenizing infrastructure to improve processing efficiency and increase transparency. The Bitcoin wallet Strike combines the current financial system with Bitcoin to create a new type of bank based on Bitcoin. It allows users to send Bitcoin and fiat currencies globally and almost free of charge. The system also supports currency exchange between different fiat currencies.
Promoting virtual asset regulation and international exchange
Based on the aforementioned value of Bitcoin, the content of the “Bitcoin and Virtual Asset Development White Paper” also covers the current legal and regulatory framework of virtual assets in Taiwan, as well as the association’s plans for future virtual asset policy formulation, advocacy, and regulatory research. In addition, the white paper also mentions that the association will continue to promote international exchange and learn from the experiences and achievements of countries that are leading Taiwan in virtual asset regulation and development. This will help provide more information to the competent authorities and promote industry growth. It will also help us align with the international community faster and promote overall industry upgrades and innovation.
Physical release of the “Bitcoin and Virtual Asset Development White Paper”
Since its establishment in 2021, the “Bitcoin and Virtual Currency Development Association” has been dedicated to promoting the progress of Bitcoin and virtual asset-related regulations and focusing on the application and development of virtual assets. It is hoped that under the promotion of all sectors, the virtual asset industry will become Taiwan’s next national treasure.
The association will hold the “Bitcoin Development White Paper Release Conference and Taiwan Bitcoin Key Symposium” at The Ark in Taipei on Tuesday afternoon, March 12th, 2024. Industry experts will be invited to share the impact and opportunities of cryptocurrencies on Taiwan’s future.
Event contents:
1. Summary of the “Bitcoin and Virtual Asset Development White Paper”
2. Discussion on the theme “Taiwan Needs Bitcoin” to explore the importance of Bitcoin to Taiwan
3. Book sharing on “Making Choices in Times of Change” and “Cryptocurrency Law,” analyzing strategies and legal issues of cryptocurrencies in the context of globalization.
Free registration link:
https://www.accupass.com/event/2402160230178484544360
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