Bitcoin National Reserve New Era, Forum Successfully Concludes

Trump incorporates Bitcoin into the U.S. strategic reserves, posing challenges for central banks and public sectors in monetary policy and fiscal strategy.

In the face of this global monetary system transformation, this forum was hosted by the Bitcoin and Virtual Assets Development Association, co-organized by the New Generation Financial Foundation, and featured special invitations to BitoPro, MaiCoin, the Citic Financial Management Institute, and OGO Blockchain Consulting. For the first time in history, it gathered three of Taiwan’s leading economists: Professor Hsu Chia-Tung, Chairman Wu Chung-Shu, and Chair Professor Lin Chien-Fu, along with monetary expert Professor Liu Yi-Ju and financial expert Chairman Chen Chong, to deeply analyze the feasibility of Bitcoin as a national reserve and its impact on future financial markets. This forum provided an in-depth discussion on Bitcoin’s application at the national level in Taiwan, opening up insights for forward-looking regulatory strategies in the digital asset era.

Key Highlights of the Event

The forum delved into the following topics:

• Opening remarks by Professor Zhang Zhen-Shan, Director of the Securities Bureau of the Financial Supervisory Commission, explaining the key regulations and attitudes of the FSC regarding Taiwan’s four-phase virtual asset regulations.
• Keynote speech by former Premier Chairman Chen Chong, exploring the opportunities and impacts that digital assets may offer in the current geopolitical and economic landscape, particularly emphasizing Trump’s proactive stance on virtual assets and the need for Taiwan to cautiously evaluate and align with international trends.
• First keynote analysis by Professor Liu Yi-Ju, discussing the definition and principles of national reserves from a monetary perspective and the potential of Bitcoin as a national reserve. Professor Liu noted that Bitcoin is viewed as a revolutionary asset within the financial system, particularly as a hedge choice when public trust in government wanes, while stablecoins are interpreted as strategic tools reinforcing the international status of the U.S. dollar.
• Session one, moderated by Professor Liu Yi-Ju, continued the analysis from the keynote speech with a discussion involving Professor Hsu Chia-Tung, Chairman Wu Chung-Shu, Senior Consultant Lee Jian-Si, and Lawyer Lin Hong-Yu, Chairman of the Bitcoin and Virtual Currency Development Association, examining the nature of Bitcoin and its potential as a form of foreign exchange reserve.
• Chairman Wu Chung-Shu pointed out that Bitcoin’s volatility is too high for current use as a currency; Professor Liu Yi-Ju, however, argued that the development of stablecoins is indirectly promoting Bitcoin’s role as a medium of exchange.
• Senior Consultant Lee Jian-Si emphasized the high stability of the Bitcoin system, asserting its fixed supply unaffected by external factors; Chairman Lin Hong-Yu analyzed from a market capitalization perspective, asserting that when Bitcoin’s price holds at $90,000, its market value is equivalent to that of the New Taiwan Dollar, highlighting Bitcoin’s high divisibility.

Long-term Investment Value and Financial Applications of Bitcoin

Session two was led by Professor Hsu Pei-Ling, Associate Professor and Director of the Financial Technology Research Institute at Citic Financial Management Institute, along with Liu Yi-Cheng, Chief Technology Officer of Citic Financial Holding, Liu Shih-Wei, Founder and CEO of MaiCoin Group, and Zheng Guang-Tai, Founder and CEO of BitoPro Group, focusing on the intrinsic value of Bitcoin.

Chief Technology Officer Liu Yi-Cheng stated that since Bitcoin does not generate income, it should be regarded as a commodity, whereas USDT and USDC are backed by U.S. Treasury bonds, providing yield, which is relatively easier to understand. He further pointed out that U.S. institutions have begun recommending the allocation of a portion of Bitcoin in asset portfolios to enhance returns.

MaiCoin Group founder Liu Shih-Wei analyzed that the high interest payments on U.S. Treasury bonds suggest that if Taiwan plans to issue stablecoins, it could leverage the U.S. market by using the New Taiwan Dollar as collateral or reserves, or even purchasing U.S. bonds with NT dollars.

BitoPro Group founder Zheng Guang-Tai emphasized that regulatory issues remain a significant challenge facing exchanges.

First-Hand Observations of Trump’s Administration and Trends in U.S. Virtual Asset Policy

Legislator Dr. Ko Ru-Jyun personally shared his experiences at the inauguration of President Trump and reflections on trends in U.S. virtual asset policies.

Bitcoin is redefining value standards, while the current financial system still suffers from a lack of transparency. The future development of the digital economy is expected to surpass that of the physical economy. Regarding Taiwan’s policy direction, he suggested considering the U.S. Strategic Reserve Act to evaluate the feasibility of Bitcoin as a national reserve asset, to seize the initiative in global financial transformation.

Opportunities and Challenges of Stablecoins in the Digital Era

Session three shifted focus to the central bank’s current deliberations on stablecoin adoption policies, with discussions led by Chairman Chen Chong of the New Generation Financial Foundation, Dai Ji-Chuan, President of the Technology Report, Vice President Wen Hong-Jun of the Taiwan FinTech Association, and Professor Lin Meng-Hsiang, Director of the Department of Financial Technology Applications at Ming Chuan University, exploring the opportunities and challenges of stablecoins in Taiwan and around the world.

Vice President Wen Hong-Jun pointed out that stablecoins are digital tokens linked to fiat currencies, but the pace of regulatory advancement in Taiwan and the U.S. has been relatively slow. Among them, the world’s largest stablecoin, Tether (USDT), lacks formal compliance regulation in the U.S., where authorities have maintained a tacit attitude towards it, possibly due to Tether’s stabilizing role for the international status of the U.S. dollar. In contrast, Circle actively cooperates with regulations, seeking a compliant development path.

Moreover, market observations indicate that many traditional financial institutions have begun exploring the possibilities of asset tokenization, with stablecoins seen as an important entry point into Web3. Currently, the global scale of real-world assets (RWA) reaches $900 trillion, with its value foundation relying on the global M2 money supply of approximately $90 trillion.

Professor Lin Meng-Hsiang cautioned that if Taiwan fails to issue a central bank digital currency (CBDC) or a competitive stablecoin in the future, it risks losing its voice in the on-chain financial market, thereby affecting the global competitiveness of its future digital economy.

Trends in the International Virtual Asset Market and Latest Developments in U.S. Bitcoin Reserves

Session four featured discussions led by Wu De-Wei, Partner at Acorn Pacific Ventures, Hu Yi-Tian, Co-Founder and CEO of Yuan Platinum Capital, Professor Lin Chien-Fu, Chief Economist at Citic Financial Holding, and Jian Shu-Yong, Compliance Manager at Binance International, speculating on trends in the international virtual asset market and Bitcoin.

Experts expressed divergent views, with economist Lin Chien-Fu reminding that regulatory issues surrounding stablecoins and CBDCs are under scrutiny, focusing on the future development of cryptocurrencies. Cryptocurrencies have become a global trend, as the U.S. attempts to enhance its international competitiveness through the introduction of cryptocurrencies and cutting-edge technologies such as artificial intelligence (AI). He emphasized that compared to CBDCs, he supports stablecoins more, believing that stablecoins can circulate freely on the blockchain and maintain privacy, whereas CBDCs could be used by governments to monitor the flow of funds, infringing on personal privacy rights.

On the other hand, Hu Yi-Tian pointed out that the U.S. operates similarly to a corporate model, requiring efficient management, and highlighted that Bitcoin could serve as a strategic asset for the country, proposing a potential solution to alleviate national debt pressure through debt-to-equity swaps.

Compliance Manager Jian Shu-Yong from Binance International noted that cryptocurrencies offer the younger generation opportunities to transcend class barriers.

He mentioned that the recent launch of ASPIRe by the Securities and Futures Commission of Hong Kong aims to establish a global order book mechanism to enhance market liquidity and further strengthen Hong Kong’s position as an international cryptocurrency financial center.