Taiwanese Expert: "Cryptocurrencies Might Come in Handy During War" General Legislator Chen Yongkang Holds TTX Regional Security Exercise

Amid escalating global tensions, Taiwan recently conducted an important regional security exercise: "2024 TTX Regional Security Brigade Exercise." The exercise was strategically planned by Kuomintang lawmaker Chen Yongkang and organized by the Taiwan Security Research Center Director Liu Fukuo, attracting 170 scholars from domestic and international institutions. This event not only tested Taiwan's preparedness for potential crises but also proposed various suggestions to enhance national security, including the role of "cryptocurrency" in times of war.

Examination and Countermeasures for Energy Shortages

Addressing Energy Challenges: Diversification and Enhanced Reserves

Economist Liang Qiyuan, a special research fellow at the Chung-Hua Institution for Economic Research, points out the key issues Taiwan faces in energy supply. Due to the intermittent supply of renewable energy and insufficient natural gas supply, it is predicted that Taiwan will face a severe shortage of reserve capacity by 2028. Liang Qiyuan suggests enhancing reserves of energy sources such as nuclear power and natural gas to ensure an adequate electricity supply during crises.

Financial Strategies and Prospects of Cryptocurrencies

Addressing Financial Crises and the Role of Cryptocurrencies

Du Zichen, former director of the Industrial Economics and Trends Research Center at the Industrial Technology Research Institute, delves into how Taiwan can effectively utilize foreign exchange reserves in the event of a crisis in the Taiwan Strait. He proposes the critical role that cryptocurrencies could play during wartime and suggests Taiwan should increase its monetary resources, such as issuing international war bonds, to prepare for potential crises.

Du Zichen notes that as China is promoting its digital currency, and the U.S. is discussing the possibility of a digital dollar, these currencies may hold certain positions in the future global landscape. Therefore, Taiwan needs to simulate and observe the potential roles cryptocurrencies could play during wartime.

Recommendations for Strengthening Communication Networks

Enhancing Communication Reliability

Concerns have been raised about the vulnerability of communication networks during a military exercise. A telecommunications industry expert points out that Taiwan's main communication networks are too centralized and susceptible to attacks during crises. The suggestion is for the government to consider utilizing existing cable television networks as alternative communication channels to enhance diversity and stability in communication.

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The "2024 TTX Regional Security Military Exercise" provides Taiwan with an opportunity to deeply examine and reflect on potential security threats. From energy security to financial strategies, from communication networks to international cooperation, scholars and experts have put forth a series of forward-looking recommendations.

Taiwan's Approach to Cryptocurrency Stays at the Stage of Anti-Money Laundering and Fraud Prevention

Associate Professor Yang Yueping recently stated that while foreign regulators have discussed cryptocurrency asset management, Taiwan is still focused on anti-money laundering and custody, falling behind the trend. Taking the European MiCA framework as an example, there is already a comprehensive plan for asset management and advisory services.

Currently, discussions on the application of cryptocurrencies in national defense have also emerged in Taiwan's private sector, indicating that there is still a long way to go for Taiwan in terms of cryptocurrency regulation and strategy.

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