Bitcoin Adoption in Taiwan

Taiwan is known for night markets, themed restaurants, free WiFi, mock meat, Little League baseball… and Hello Kitty obsession.  Tourism in Taiwan is one of the major industries and contributor to the economy of Taiwan with approximately 10 million international visitors visiting Taiwan during 2015.

Taiwan’s is an exporter specializing in production of electronics and machinery, and is one of the world’s largest suppliers of computer chips, LCD panels, DRAM computer memory, networking equipment, and consumer electronics. Another major industrial export sector which is in decline, is the Textile industry.

Taiwan’s first woman president, here are 10 things you should know about Tsai Ing-wen

With President Donald J. Trump, Taiwan’s Tightrope Gets Narrower – watch the video from Bloomberg below:-

The Taiwanese are embracing the new digital economy and in October 2016, The American Institute in Taiwan and the Taipei Economic and Cultural Office in the United States held the 2nd Digital Economy Forum to “promote coordination on policies and practices that are critical to reduce impediments to and enhance the growth of the global digital economy.”

Taiwan Regulation in FinTech developments is moving along swiftly.  The FinTech office was opened in September 2015 and a “FinTech Development Fund” was established – NT$ 1 Billion donated from the government, stock exchange and other financial institutions in Taiwan.  Focus areas are e-payment, blockchain, FinTech investment, securities, identity and others.

“Microsoft announced that it has entered a partnership with AMIS and the Industrial Technology Research Institute of Taiwan to form Asia’s first and the most advanced consortium blockchain network on Azure. Microsoft is also in collaboration with banks such as Fubon Financial, Cathay Financial Holdings, MegaBank, KGI, Taishin, CTBC Bank to further develop blockchain opportunities in the Taiwan financial market.”  Click here to read more.  The Taiwanese Blockchain Consortium has entered a new Regulatory Sandbox as a safe haven for new FinTech startups. Foxconn turns to blockchain to help suppliers avoid financial disruption.

MaiCoin is a FinTech pioneer in Taiwan – Buy, sell and use MaiCoin’s services such as Instant Exchange, Electronic Wallet, and Merchant Service which supports 130 financial institutions and 30,000 ATMs in Taiwan according to their website.  Of course, LocalBitcoins, the over the counter platform connecting local buyers and sellers is still a popular way to buy Bitcoins.

BitoEX offers customers comprehensive services in Mobile Payment, Foreign Remittance, Smart Transaction, Versatile Application of Purchase.

In Taiwan, Smart Phone penetration is very high and according to eMarketer’s estimates, 73.4% of Taiwan’s population use Smart Phones.

In the large corporation space, Bosch, Cisco and Foxconn join blockchain and IoT consortium which includes other companies such as BNY Mellon, Gemalto, as well as a host of blockchain start-ups.  Foxconn is the world’s largest contract electronics manufacturer with customers such as Microsoft, Acer, Google, Apple, Nintendo, Sony and many more.  Foxconn is the third largest information technology company by revenue.

FnConn, which is the financial services arm of Foxconn, launched a platform alongside Dianrong, a Chinese online lending marketplace. The platform is aimed at providing working capital to smaller businesses involved the manufacturing supply chain.

If you are a “TechNomad” and love to travel the world with your backpack and computer to earn as well as spending Bitcoins, it seems Taiwan is a great place to start and a paradise for Bitcoin travelers.  No taking an Uber in Taiwan anymore – On the 10 February 2017, one of the USA’s most successful digital companies, Uber, had to suspend its operations in Taiwan.

While in Taiwan, it is a must to check out the Night markets!

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Embrace the new digital economy, do not get left behind!

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