After President Trump took office, a series of cryptocurrency-friendly policies were introduced, with the 'Genius Bill' being seen as the focus by the market. As the United States builds a stablecoin (USDT / USDC) within a compliant framework, it continues to be the center of the global market economy. In Taiwan, the Financial Supervisory Commission has also shown an open attitude, and some banks have expressed interest. There are also bank and financial holding company chairpersons who have shared their views. Is Taiwan likely to seize the opportunity in the stablecoin space?
To conclude, I believe it is quite difficult.
The maturity of the US dollar stablecoin is not only based on its payment applications linked to the dollar. The dollar plays an indispensable role in global economic settlements. Moreover, the parent company of the stablecoin invests funds in U.S. Treasury bonds, creating cash flow and revenue, which gives stablecoins high convenience and application scenarios in both financial markets and commerce.
In addition, the United States' friendliness towards cryptocurrency, along with a series of regulations and policies, has provided institutions and funds interested in participation with a system to follow.
In contrast, Taiwan, although there is already a draft of the 'Virtual Asset Service Act', has yet to withstand market testing. Furthermore, in the current cryptocurrency field, Taiwan appears overly conservative, to the extent that its previously leading global advantages have now fallen far behind the world economic situation. When domestic exchanges and projects find it difficult to survive in Taiwan, foreign exchanges are left waiting for a landing with no response. Everyone is anxiously waiting for the approval of the Financial Supervisory Commission, and precious opportunities have long been lost.
Taiwan, how many advantages are still left to squander?
It is called protecting user rights in a nice way, but in reality, it is the public service system's lack of foresight. Governments around the world have already made relevant plans and layouts, and even referring to other countries would far surpass the current inaction. While users in Taiwan are still waiting for the attitude of the Financial Supervisory Commission, the global economy has long since cast us aside. In fact, stablecoins are just one of the opportunities we have missed. What is even more regrettable is that we are still complacent in this area.
