A cryptocurrency entrepreneur is running for mayor of Taipei, Taiwan’s capital city, and everyone is wondering what will happen if she wins. Could it potentially bring newfound love for crypto to the island nation?
‘I’m In,’ Says Yi-ting
Cheng Yi-ting, the 35-year-old CEO of local cryptocurrency exchange OTCBTC, recently declared her candidacy for the mayoral election scheduled to take place this coming November. She is slated to face both the independent incumbent of four years, as well as candidates from Taiwan’s major political parties. Yi-ting is virtually party-less, and says she will work to bring mass adoption of cryptocurrency to the region.
Does This Sound Familiar?
The situation brings about several interesting thoughts. For one thing, it’s easy to notice the similarities between Yi-ting and U.S. President Donald Trump. Neither candidate has (or had) any valid political experience under the belts, yet swore to bring about change and legislation that many citizens seemed to require. As Donald Trump won his 2016 race, Yi-ting could experience the same result at the end of 2018.
Second, Taiwan has been relatively non-decisive regarding cryptocurrency. The country hasn’t necessarily opposed digital currency usage, but hasn’t voiced support for it either. As the global financial infrastructure continues to cross virtual lines, adoption of cryptocurrencies and tokens is becoming more common, and Taiwan could more than likely benefit from the advantages digital assets bring to the table, so it will be interesting to see what kind of regulation Yi-ting could deliver in this arena.
Massive Recognition of Crypto
Lance Morginn – CEO of the digital currency tracking firm Blockchain Intelligence Group – says that Yi-ting’s ascension to the mayor’s office could be one of the biggest and most important victories for a cryptocurrency figure, and would likely “excite” the financial technology sector.
“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 political structure,” Morginn adds.
Using Crypto to Get Ahead of the Game
Yi-ting says that she wants stronger trade and a bolder cryptocurrency presence in Taipei. She believes this could potentially create jobs, as well as bring in foreign capital to boost the city’s economy. She’s also looking to start an education program that could teach the public how to invest properly.
“I think Taiwan has an extremely good chance of becoming a major digital currency nation,” she assures. “I think I can draw off my cryptocurrency expertise and tech background to connect to the city. I’ve found that Taiwan’s politicians and candidates, when it comes to business and technology, are all disconnected.”
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Images via Pixabay, LinkedIn