Taiwanese Lawmaker Urges Bold Move: Add Bitcoin to National Reserves!

Holy crypto, Batman! Taiwanese legislator Ko Ju-Chun just dropped a bombshell at a national finance conference on May 9, urging the government to shake things up by adding Bitcoin to its national reserves. Yep, you heard that right—Bitcoin, alongside gold and foreign currencies!

Ko's not messing around. He's pushing for a slice of Taiwan's reserve assets to be thrown into Bitcoin (BTC) to shield the country from the wild ride of global economic uncertainty and those pesky regional geopolitical risks.

Why Bitcoin, you ask? Ko's all about that decentralized life, the fixed supply, and how it's becoming the go-to hedge in countries around the world. He's convinced it's time for Taiwan to get in on the action and beef up its sovereign asset strategy.

And get this—Taiwan's economy is heavily reliant on exports, which means the New Taiwan dollar can be a rollercoaster. Ko's saying it's high time to mix things up and broaden the reserve mix to keep things stable.

Bitcoin: The Ultimate Crisis Reserve?

But wait, there's more! Ko's not just thinking about the good times. He's looking at the big picture, pointing out Taiwan's vulnerability in a potential crisis scenario. He's suggesting that Bitcoin could be the secret weapon—an uncorrelated asset that stays liquid and can't be seized during geopolitical tensions. Talk about a game-changer!

And Ko's not shy about numbers. He's previously hinted on X that Taiwan could go all-in with up to 5% of its reserves—around a whopping $50 billion—into Bitcoin. But don't get it twisted; he's all about diversification, not a full-on pivot.

Now, Ko's not saying Bitcoin is the magic bullet for Taiwan's financial woes, but he's adamant that the country needs to expand its toolkit to stay resilient in the face of economic chaos.

This proposal comes at a time when Taiwan's getting cozy with crypto. The Financial Supervisory Commission is gearing up to roll out institutional crypto custody trials later this year. Meanwhile, mainland China's still playing hardball with its blanket ban on most crypto-related activities.

But Taiwan's not just talking the talk; they're walking the walk. The Financial Supervisory Commission dropped a draft of the "Virtual Asset Service Act" on March 25 to keep crypto businesses in check and protect investors. It's got everything from licensing requirements for VASPs to standards for stablecoin issuance by banks and some serious enforcement measures.

And they're not stopping there. They've launched a 60-day public consultation period, with the law expected to hit the Executive Yuan by June 30. It's all systems go for Taiwan's crypto revolution!

Ko's call to action puts Taiwan in the spotlight as part of a small but growing crew of jurisdictions eyeballing Bitcoin as a strategic reserve asset. No formal policy yet, but his advocacy is a clear sign that digital assets are heating up in Taiwan's financial planning discussions. Buckle up, folks—it's going to be a wild ride!