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Taiwan lawmaker calls for Bitcoin reserve at national conference

Taiwanese lawmaker Ko Ju-Chun has called on the government to consider adding Bitcoin to its national reserves, suggesting it could serve as a hedge against global economic uncertainty.

Ko, a legislator at-large in Taiwan’s legislative body, the Legislative Yuan, took to X on Friday to report that he had advocated Bitcoin (BTC) investment by the Taiwanese government at the National Conference on May 9.

In his remarks, Ko cited Bitcoin’s potential to become a hedge amid global economic risks and urged Taiwan to recognize the cryptocurrency alongside gold and foreign exchange reserves to boost its financial resilience.

Taiwan lawmaker calls for Bitcoin reserve at national conference
Source: Ko Ju-Chun

Ko’s announcement came shortly after the legislator held talks with Samson Mow, who advocates for Bitcoin adoption by states like El Salvador at his BTC tech firm Jan3.

Taiwan is an export-oriented economy

Ko highlighted that Taiwan is an export-driven economy that has experienced significant fluctuations in its national currency, the New Taiwan dollar, amid global inflation and intensifying geopolitical risks.

“We currently have a gold reserve of 423 metric tons, and our foreign exchange reserves amount to $577 billion, including investments in US Treasury bonds,” the lawmaker stated.

In a scenario of more intense currency volatility or potential regional conflicts, Taiwan may “very likely be unable to ensure the security and liquidity,” Ko continued, adding that Bitcoin could be a great addition to Taiwan’s reserves for several reasons.

Law, Investments, Taiwan, Samson Mow, Policy, Bitcoin Reserve
Ko Ju-Chun advocated for the adoption of Bitcoin by the Taiwanese government before the Legislative Yuan. Source: Ko Ju-Chun

“Bitcoin has been operating for over 15 years. It has a fixed total supply, is decentralized, and is resistant to censorship. Many countries are focusing on its hedging attributes. At the same time, in intense situations, it may not face the risk of embargo,” he said.

Bitcoin is not the only solution

Referring to many global initiatives considering Bitcoin adoption as a reserve asset, Ko stressed that he’s not advocating for Bitcoin as the “only solution” to rising economic challenges.

Instead, the legislator suggested adding a “small proportion of Bitcoin” into the diversified assets as tools for sovereign asset allocation and risk hedging, and backup capacity of Taiwan’s financial system.

Related: Trump tricked into pushing XRP for crypto reserve: Report

He previously suggested that Taiwan could allocate a maximum of 5% of its $50 billion reserve to Bitcoin in an X post on May 6.

Taiwan lawmaker calls for Bitcoin reserve at national conference
Source: Ko Ju-Chun

“When exchange rate risk and regional uncertainty increase, it is time to introduce new tools to construct a more flexible financial strategy framework,” Ko said, adding:

“As former Dean Chen Chong said, Bitcoin is the gun of the digital era. It may also be the gold of the digital era, the silver of the digital era. Or it could be gunpowder. A wise nation will not let weapons be in others’ hands.”

The news comes as Taiwan is emerging as a crypto-friendly jurisdiction, with the Financial Supervisory Commission pushing institutional trials of crypto custody services in late 2024.

Mainland China continues to maintain its hostile stance on cryptocurrency after imposing a ban on multiple crypto activities, including mining, in 2021.

Magazine: Adam Back says Bitcoin price cycle ’10x bigger’ but will still decisively break above $100K

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Government takes first step in appealing court ruling banning asylum seekers from Epping hotel

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Government takes first step in appealing court ruling banning asylum seekers from Epping hotel

The government has taken the first step in appealing a court’s decision that asylum seekers cannot be housed in an Essex hotel.

The Home Office is seeking permission to intervene in the case, which, if granted, will allow it to appeal the interim judgment handed down last week.

Epping Forest District Council sought an interim High Court injunction to stop migrants from being accommodated at The Bell Hotel in Epping, which is owned by Somani Hotels Limited.

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Councils vs migrant hotels: What next?

The interim injunction demanded the hotel be cleared of its occupants within 14 days.

In a ruling on Tuesday, Mr Justice Eyre granted the temporary block, but extended the time limit by which it must stop housing asylum seekers to 12 September.

Somani Hotels will now appeal against the court order blocking the use of the hotel as accommodation for asylum seekers, the company’s solicitors have said.

Meanwhile, security minister Dan Jarvis said on Friday that closing hotels housing asylum seekers must be done “in a managed and ordered way” as he unveiled government plans to challenge the High Court’s decision.

More on Asylum

He told broadcasters: “This government will close all asylum hotels and we will clear up the mess that we inherited from the previous government.

“We’ve made a commitment that we will close all of the asylum hotels by the end of this parliament, but we need to do that in a managed and ordered way.

“And that’s why we’ll appeal this decision.”

An analysis by Sky News has found 18 other councils are also actively pursuing or considering similar legal challenges to block asylum hotels – including Labour-run Tamworth and Wirral.

Disquiet with the use of asylum hotels is at a high after the latest statistics showed there were more than 32,000 asylum seekers currently staying in hotels, marking a rise of 8% during Labour’s first year in office.

The number of small boat crossings in the Channel is also up 38% on the previous 12 months.

Following the Epping case, a wave of protests is expected outside of asylum hotels across the country in the coming days.

Stand Up To Racism is preparing to hold counter-protests outside the asylum hotels on Friday, including in Bournemouth, Cardiff and Leeds, with further demonstrations expected on Saturday.

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‘We can’t take them’: Wirral residents on migration

In its case, Epping Forest District Council argued that the owners of the Bell Hotel did not have planning permission to use the premises to accommodate asylum seekers.

It argued that the injunction was needed amid “unprecedented levels of protest and disruption” in connection with the accommodation.

Shadow justice secretary Robert Jenrick said the people of Epping who protested and its council have “led the way”, writing in The Telegraph that “our country’s patience has snapped”.

His Conservative colleague Chris Philp, the shadow home secretary, said on Thursday that people have “every right” to protest over asylum hotels in their areas.

Kemi Badenoch, the Tory leader, has urged councils to explore legal challenges – with Conservative-run Broxbourne Council announcing that it would do so.

Read more:
A council-by-council breakdown of asylum seekers in hotels
Who says what on asylum hotels?
Labour smell dirty tricks over asylum hotel court ruling

Hillingdon Council, which is also controlled by the Tories, also said it was exploring its options.

Meanwhile, former Reform chairman Zia Yusuf told Sky News three councils run by his party had the power to mount legal challenges.

He said West Northamptonshire, which Reform seized control of in May’s local elections, would be doing so.

In a further headache for Sir Keir Starmer, Labour-controlled councils are also considering legal action, including Wirral and Tamworth.

Paula Basnett, the Labour leader of Wirral council, said: “We are actively considering all options available to us to ensure that any use of hotels or other premises in Wirral is lawful and does not ride roughshod over planning regulations or the wishes of our communities.”

Carol Dean, the Labour leader of Tamworth Borough Council, said she understood the “strong feelings” of residents about the use of a local hotel to house asylum seekers, and added: “We are closely monitoring developments and reviewing our legal position”.

Labour-controlled Stevenage council added: “The council takes breaches of planning control seriously and we’re actively investigating alleged breaches relating to the operation of hotels in Stevenage.”

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Coinbase tightens workforce security after North Korea remote-worker threats

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Coinbase tightens workforce security after North Korea remote-worker threats

Coinbase tightens workforce security after North Korea remote-worker threats

Coinbase is reinforcing security after North Korean hackers exploited its remote work policy, with CEO Brian Armstrong outlining stricter hiring measures.

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China’s stablecoin push raises questions on dollar dominance and market trust

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China’s stablecoin push raises questions on dollar dominance and market trust

China’s stablecoin push raises questions on dollar dominance and market trust

Beijing’s consideration of a yuan-backed stablecoin could mark a new front in the global financial system, but experts say dollar dominance, liquidity and trust are high hurdles.

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