Libra welcomed by Taiwanese executive

Wednesday 16 October 2019 00:04 CET | News

Terry Gou, Taiwan’s richest man and the founder of manufacturing company Foxconn, wants the island to roll out the red carpet for Facebook’s Libra cryptocurrency project, according to CoinDesk.

In a recent speech, the billionaire said Taiwan could boost its status as an international financial hub by embracing Libra, rather than approaching the project with scepticism as other governments have done. He has also suggested the island could connect Libra, if and when it launches, with the digital currency being developed by the People’s Bank of China.

As a result, Taiwanese regulators should establish a legal system for decentralised finance technologies, as fintech projects could benefit semiconductor and crypto businesses, both areas where Foxconn is active. The Financial Supervisory Commission (FSC), Taiwanese financial watchdog, strengthened its regulations on crypto assets by further enforcing anti-money-laundering (AML) practices on bitcoin trading in 2018.

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Keywords: Libra, Facebook, cryptocurrency, Taiwan, crypto payments, Foxconn
Countries: World