Taiwan is an island nation located off the coast of mainland China in East Asia. It has a population of approximately 23.6 million people and covers an area of 35,882 square kilometers (13,874 sq mi). Taiwan is known for its vibrant economy and high levels of economic freedom, making it one of the most prosperous countries in Asia. The country has a strong focus on technology and innovation; it was ranked as having the world’s highest number of tech-skilled workers by The Global Information Technology Report 2020 from World Economic Forum.
Taiwan is also home to several cryptocurrency exchanges that have been operating since 2013 when local banks began allowing domestic cryptocurrency businesses to open bank accounts after enacting anti-money laundering regulations for digital asset platforms. Since then, more than 10 crypto exchanges have launched operations in Taiwan with two major players dominating the market – Maicoin and Bitoex Exchange. Both these exchanges offer trading pairs between Bitcoin (BTC), Ethereum (ETH) and other cryptocurrencies such as Litecoin (LTC), Ripple (XRP), Monero (XMR) and Dash(DASH). Additionally, both support fiat currencies like New Taiwanese Dollars or US Dollar which makes them attractive options for users looking to purchase cryptocurrencies with cash payments or convert their existing holdings into real money quickly.
The Central Bank Authority also recently announced plans to launch a central bank digital currency pilot program in 2021 which will be issued by accredited institutions such as banks across Taiwan under supervision from Financial Supervisory Commission’s Digital Asset Management Regulatory Office. This move could make it easier for users within Taiwan to access global markets using locally accepted forms of payment methods such as credit cards or electronic transfers instead of relying on foreign exchange services like PayPal or Western Union which incur additional fees during transactions involving forex conversion rates etc.. Although this initiative still requires further development before its adoption can become widespread throughout the region, it does represent an important step forward towards increased financial inclusion amongst citizens who may not otherwise have easy access to international markets due to lack resources or technological know-how needed use traditional banking systems effectively .
