One of the main problems that the world has in terms of cryptocurrencies is that there really is no universal consensus as to how cryptos should be treated and handled. For this reason, regulators differ in opinion how to handle the market.
Officials in Taiwan are facing a similar dilemma in terms of how to approach cryptocurrencies. Considering the reality that you have digital tokens that are backed by transaction ledgers rather than third parties, regulators neither support nor oppose digital currencies. The CEO of a local crypto exchange OTCBTC is planning to address the issue as Cheng Yi-ting is planning to run as Taipei’s mayor this year.
She declared her candidacy online on April 13. She plans to join the November election and is most likely going to face the incumbent Mayor as well as other politicians from other political parties of Taiwan. Her plan is to run without a party and pledge to stimulate the crypto industry in Taipei.
Can This Be a Trend?
This can be a precedence for the coming years. It is possible that her win could shake things up for the financial sector. According to Lance Morginn, the CEO of Blockchain Intelligence Group, “If a crypto exchange owner were elected, the policies that exchanges would be required to meet could be relaxed or tightened to favor their business objectives, depending on both the leader’s moral values and the checks and balances within the particular political structure”.
Cheng wants to improve the overall trading of cryptocurrencies in the country. According to her, this could create job opportunities and could even bring foreign capital in Taipei. If she wins, she wants a “special area” that would tackle education program.
According to her, “I think Taiwan has an extremely good chance of becoming a major digital currency nation”.
Running an Exchange
Her experience comes from her company. But other than this, Cheng was a former high-tech education professional who was able to run the exchange for around a year. The exchange that she is running already has around 30,000 clients, not to mention a daily trading volume of around $15.8 million.
But of course, it wouldn’t be easy for the CEO to win the election. A lot of voters are also looking for a candidate that has administrative skills and not just knowledge in business. It seems that Cheng’s campaign appeal to those who adopted blockchain technology. According to John Eastwood, who is a partner with Eiger Law in Taipei, “might well send a positive signal to fintech and other startups that they’ve got a like-minded mayor in Taipei”.
There are a number of issues that she will have to face in case she wins the election in November. This means that she will also have to deal with old technological infrastructure.
The cryptocurrency market is still in its early stage. However, it is a good thing that unlike China that banned crypto exchanges, it remains a grey area in Taipei. And for this reason, Cheng does have a strong chance that she could even win the race and shake things up for the digital currency market in Taipei.