Taiwan is preparing to release a report on its Bitcoin holdings, signaling that officials are considering whether the country should follow the United States in establishing a national Bitcoin reserve.
Zhuo Rongtai, Premier of the Republic of China (Taiwan), said the country is preparing a report assessing the total amount of Bitcoin (BTC) confiscated by national agencies.
The report will be released before the end of the year, Rongtai said while There will be a general legislative meeting on budget advice with the Finance Committee on Tuesday.
When asked about the fate of confiscated Bitcoin, legislator Ge Rujun proposed that the Taiwan government “remain as is” before deciding to liquidate the assets or include them in the strategic reserve, According to to local media Blocktempo.
Rongtai’s upcoming report will also include a “pros and cons” list for creating a strategic Bitcoin reserve, marking the first time that Taiwanese officials have publicly recognized BTC as a reserve asset.
The prime minister’s pledge to “study” Bitcoin as a strategic reserve asset and develop more Bitcoin-friendly regulations over the next six months is a “breakthrough” for the country, wrote Ko Ju-Chun, a lawmaker in Taiwan’s unicameral legislature, the Legislative Yuan, on Tuesday. post.
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Government interest in Bitcoin began to grow after March 7, when US President Donald Trump signed an executive order outlining a plan to create a strategic Bitcoin reserve, initially using the cryptocurrency forfeited in government criminal cases, according to Cointelegraph.
The Bitcoin Reserve marked “the first real step toward integrating Bitcoin into the fabric of global finance, confirming its role as the foundational asset of a more stable and healthy monetary system,” said Joe Burnett, then head of market research at Unchained.
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Taiwanese lawmakers are calling for the creation of a Bitcoin reserve as a hedge against global uncertainty
While Taiwan has yet to make an official move, lawmakers have previously called for the creation of a Bitcoin reserve.
In May, Ju-Chun urged the government to consider adding Bitcoin to its national reserve, citing Bitcoin’s potential to serve as a hedge in the face of global economic uncertainty, during a speech to the Taiwanese government at the May 9 National Conference.
The legislator has already done so suggested a maximum allocation of 5% of Taiwan’s $50 billion reserve.
Taiwan is exploring more cryptocurrency-friendly regulations to support institutional adoption of cryptocurrencies. In October 2024, the Financial Supervisory Commission (FSC) of Taiwan announced the launch of a trial period of cryptocurrency custody services for financial institutions.
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