Dr. Po Ge Rujun: Taiwan has Ready Bitcoin reserves! Cryptocurrency law "it's better not to be good than not"

In a media interview at the 2025 2nd Innovation and Derivatives Supervision Strategy Forum on the 13th, Dr. Ge Rujun, a science and technology legislator, expressed in detail his opinions on whether Taiwan is suitable for bitcoin reserves and the hot development of crypto law. (Synopsis: Bitcoin National Reserve Discusses Taiwan, 2025 Second Innovation and Derivatives Supervision Strategy Forum Successfully Concluded) (Background supplement: Former Executive President Chen Chong: Taiwan's "no virtual asset special law" only relies on the self-discipline of VASP operators to make big things!) With Trump's proposal to add bitcoin to the national reserve, the attitudes and policies of various governments towards digital assets have also sparked heated discussions in the international community. In Taiwan, the development potential of cryptocurrencies and the development of relevant regulations have also become the focus of the topic, yesterday (13) at the "2025 2nd Innovation and Derivatives Supervision Strategy Forum" hosted by the Bitcoin and Virtual Assets Development Association, crypto-related experts from all walks of life gathered. Taiwanese legislator Dr. Ge Rujun (Dr. Bao) was among them, and in an interview with the media, he shared his views and suggestions on whether Taiwan should establish a national reserve of bitcoin and the direction of the development of a legal system for cryptocurrencies. This article fully presents Ge Rujun's in-depth thinking on this topic. Legislator Dr Po Rujun Ge (left), Chairman of the Bitcoin and Virtual Currency Development Association Lin Hongyu (right) Should Taiwan consider Bitcoin as part of its national reserves? Given Taiwan's regulations and environment, how do you think this should be promoted? In answering this question, Ge Rujun first analyzed the doubts about the inclusion of bitcoin in the national reserve. He believes that the preservation and management of bitcoin as a digital asset should not be overcomplicated or its technical difficulty exaggerated. "Many people hear about bitcoin as mysterious and as if it is particularly difficult to preserve, but for a country, it is not much different from the technical threshold for protecting personal privacy information or confidential files," he said. He further explained that the information security departments of modern governments have long been accustomed to dealing with highly sensitive data, such as tax information or national defense secrets, and that Bitcoin's private key management is just a similar digital security issue, and it is not technically an insurmountable obstacle. "If the government has the ability to protect this data, it should be entirely feasible to design a secure cold storage system to hold bitcoin or manage the associated digital assets." Ge then turned his focus to Taiwan's technological prowess, emphasizing Taiwan's strengths in cryptography and information security. "Every year, Taiwanese teams come out on top in international cryptocurrency competitions, cryptography hacking competitions, and even white hat hacking competitions, which is not accidental, but Taiwan's long-term accumulation of talent and technical energy," he said. He mentioned that the participants in these competitions often come from Taiwanese universities, research institutions and start-ups, showing that Taiwan's research and development capabilities in blockchain and encryption technology have become internationally competitive. In addition, he cited the acquisition of Taiwan's local crypto company Cybavo by internationally renowned company Circle as an example to further support this point. "The fact that Cybavo's technology can be picked up and acquired by Circle is not only an affirmation of a single company in Taiwan, but also a recognition of Taiwan's overall technology ecosystem. Our talents have become an important link in the global blockchain industry chain." In terms of the role of the financial industry, Ge Rujun believes that Taiwan's traditional financial institutions also have the opportunity to show their skills in the field of digital currency. "Taiwan's banks and financial holding companies have decades of experience in traditional financial asset management, and if this expertise can be translated into custody and management services for digital currencies, it will create a strong 'coin protection mountain'," he said. He explained that the concept of "coin protection" refers to a protection system composed of technology and financial infrastructure that makes Taiwan's digital assets both safe and competitive. He added that the government's attitude towards digital currencies has changed in recent years, from being cautious and even skeptical in the past to being willing to explore its possibilities, which is a positive trend. For example, the FSC and the central bank have begun to study the regulatory framework for virtual assets, which provides a policy basis for the inclusion of bitcoin in the national reserve. Ge Rujun concluded that Taiwan has the conditions to use bitcoin as a national reserve in terms of technology, talent and financial infrastructure, and the technical difficulty of preserving and managing bitcoin is not a problem, and the promotion of industrialization is imperative. He suggested that the government should further encourage the financial industry to participate in digital currency custody and innovative services, and formulate clear policy directions to enhance Taiwan's position in the global cryptocurrency market. "This is not only a technical issue, but also a key step in Taiwan's ability to seize the financial opportunities of the new era." Regarding the tax issue of cryptocurrencies, do you think that paying taxes is beneficial or disadvantageous to the development of the industry? On the issue of cryptocurrency taxation, Ge Rujun's position is very clear: the essence of taxation should be to promote industrial development, not simply to increase government revenue. He said: "What is the purpose of paying taxes? Instead of letting the government get a piece of the new industry, let these taxes give back to the society, improve the living environment of the people, and support the long-term growth of the industry." He believes that if the government can show enough understanding of the cryptocurrency industry and provide substantial support through policies, such as subsidizing technology research and development, nurturing talent, or establishing international cooperation channels, then appropriate taxation is acceptable and even beneficial. "People are willing to pay taxes because they believe the money will make the industry better." But if the government only wants to regulate and does not want to develop, then why should the industry pay for it? It's like pinching your own neck, and no one will accept this logic." Ge Rujun went on to talk about the authorities' repeated attitudes at different stages of the cryptocurrency market, arguing that this inconsistent policy stance is a hidden concern for the development of the industry. "In bear markets, governments often treat cryptocurrencies as worthless, and even central banks issue articles warning the public that bitcoin is worthless and gives the impression that it's just a speculative bubble," he said. But in a bull market, when the market heats up, or when people like Trump propose to use bitcoin as a strategic reserve in the United States, the government suddenly changes its attitude, thinks it has value, and starts talking about taxing." He questioned the logic of this position: "If the government believes that bitcoin is worthless in a bear market, then why should it be taxed during a bull market?" If the market turns bearish again, will the government say no more taxes? Such capricious policies will only confuse people and industry, and it will be difficult to build long-term trust." He further suggested that the government should show its determination to actively develop the cryptocurrency industry before discussing taxes. For example, the government can lay the foundation for the industry by setting up a dedicated unit, providing tax relief to start-ups, or encouraging financial institutions to participate in the application of blockchain technology. "Taxation should not be an end in itself, but a means to promote industrial development," Ge Rujun emphasized, "If the government does not have enough industrial support plans and lacks a deep understanding of this field, it is very irresponsible to rush forward with tax policies." He believes that Taiwan should learn from the experience of other countries, such as Singapore or Switzerland, which have successfully attracted global cryptocurrency companies by adopting a flexible and pro-innovation attitude in tax and regulation. As a legislator, what are your thoughts on pushing for a cryptocurrency law? Is there a specific framework or bill to prepare? In answering this question, Ge Rujun first elaborated on the relationship between legislation and enforcement, stressing the importance of coordination between the Legislative Yuan and the administrative units. "The role of the legislature is to make laws and supervise the government, but the ultimate effectiveness of any bill depends on the ability of the executive unit to implement it," he said. If we unilaterally push for a cryptocurrency law, even if...