News ‘Crypto Congressman’ Trying to Turn Taiwan into a Technological Powerhouse

Taiwanese Congressman Jason Hsu is on a mission to turn the island nation into a hub for blockchain tech and cryptocurrency.

Jason Hsu, the man dubbed the ‘Crypto Congressman’ by Ethereum founder Vitalik Buterin, is on a mission to turn Taiwan into a technological powerhouse, specifically in the fields of virtual currency and blockchain.

Since becoming an official Member of Parliament in 2016, Hsu has worked to foster initiatives concerning autonomous vehicles, cybersecurity, and the digital economy — all in an effort to help close the gap between public policy and technology.

Now, Hsu is laboring to bring crypto and blockchain to the forefront.

Aside from launching a self-regulatory entity to help brainstorm exchange regulations, the so-called Crypto Congressman helped organize a coalition to support the blockchain industry.

Bringing Crypto and Blockchain to the Forefront

Hsu’s work when it comes to cryptocurrency and blockchain has certainly not gone unnoticed.

Hsu gained prominence after penning and announcing the Fintech Innovation Experimentation Act last year. The act would give financial technology start-ups the ability to apply to operate on a three-year trial period.

A final version of the bill that included other legislator’s drafts was passed at the tail end of December. Hsu said the legislation would “usher in a new era for Taiwan’s financial technology.”

In a recent interview, Hsu said his eye is now on drafting guidelines that will help exchanges regulate themselves in Taiwan, focusing on elements like information transparency, credit risk management, and prudent administration.

Earlier in the year, Taiwan introduced a string of regulations that were designed to combat money laundering, but authorities did not signal that a total ban on digital currencies was coming.

Hsu believes regulations must be enacted with an open mind since technology is “evolving exponentially.”

He says governments should think about how to create an environment where citizens can feel like blockchain is apart of the daily lives, and then try to decide how to get the technology to developing countries.

Taiwan’s first public blockchain hearing, designed to get discussion flowing about distributed ledgers, took place in 2016, but Hsu said education about the technology is still needed to make sure the public and governments know how to “behave in a conscious way.”

Special Economic Zone For Crypto & Blockchain

One of Hsu’s plans for Taiwan is the development of a “special economic zone” in the country that would serve as the headquarters for 200 blockchain companies.

According to Hsu, plans are in the works to build a Taiwanese global ID that would make it possible for visas to function on the blockchain.

Hsu also has done an extensive amount of traveling to voice his ideas for financial innovation and disruption.

He recently visited entrepreneur Peter Thiel in California to talk about the centralizing of mining power, and has given talks and speeches in and outside of Taiwan.

Hsu is also fairly friendly with Buterin, having been introduced after publicly asking the Ethereum founder to support blockchain and cryptocurrency in Taiwan.

For Hsu, Buterin represents ‘one of the few people left in the industry that remains true to the ideals that blockchain and crypto were built upon.’

What do you think about Congressman Hsu’s plans for Taiwan? Let us know your thoughts in the comments below!

Images courtesy of Jason Hsu (Twitter), Shutterstock.