The Necessity on Institutionalizing Virtual Currency and Its Development in Taiwan

• Main Authors: LIN,NI-CHENG, 林妮徵
• Other Authors: Chen,Chun
• Format: Others
• Language: zh-TW
• Published: 2016
• Online Access: http://ndltd.ncl.edu.tw/handle/89855067191511452916

碩士 === 東吳大學 === 企業管理學系 === 104 === In recent years, the appearance of disruptive mobile technology enables the non-financial institutions to emerge, and becomes a threat to traditional financial community. Even the functions of Central Banks are likely to be challenged. The amount of currency circulation in many countries declined as the advent of various payment instruments and as the result of the evolution of mobile technology. People are getting used to take electronic wallets and electronic stored value cards as their payment means. In the year of 2009, Bitcoin, the most successful decentralized virtual currency, accelerated the process of cashless society. More and more people believe that Bitcoin might become a future currency and stand with other fiat currencies, even hopefully to replace them. In addition, a decentralized virtual currency, bearing high anonymity and on gratis basic, may greatly enhance the efficiency of transactions, but also has high risk as its characteristic, and therefore often be used for criminal purpose. The Central Bank and the Financial Supervisory Commission of R.O.C. (Taiwan) have issued a joint statement in 2013, indicating that banks and third party payment companies are banned from facilitating transactions in Bitcoin, and the investors were discouraged about the investment risks as well. However, in consideration of the impact of globalization, the development of virtual currency cannot be stopped by any single country or government. It is important for Taiwan to revisit how to adapt to the change and progress of financial technology and see what can be done while more and more countries are opening access to virtual currencies and even trying to issue official virtual currency by central bank. This research is discussing the development of well-known virtual currencies, as well as virtual currency related laws, regulations and the perspectives of other countries. By conducting data analysis and interviews, this research is also trying to figure out the likelihood of institutionalization and future development of virtual currencies in Taiwan.