Crypto Entrepreneur Will Vie to Become the Mayor of Taipei
Crypto investor wants to be a politician
Taiwan officials are divided on the issue of cryptocurrency. The regulators are neither supporting nor opposing the use of the digital currencies, but things may take a different twist after Cheng Yi-ting who is a CEO of a local exchange OTCBTC. This is because the CEO has decided that she will run to become the mayor of Taipei this year. She made her declaration online on 13th April and will face several candidates from major parties and even the incumbent. Cheng has declared that she will run party-less and will stabilize the crypto industry in the country.
If Cheng is elected to the city mayor, she will be the first digital currency exchange owner to seek an elective post. More to that her victory would highly excite the financial technology market. According to Blockchain Intelligence Group CEO Lance Morginn: “If a crypto investor was elected, then the policies that crypto exchanges would be required to meet would either become tight or be relaxed depending on the market. This would, however, depend on the leader’s morals and checks and balances within the political structure.”
Change has always been advocating for a stronger crypto trade in Taipei since she believes that it would create jobs and bring in foreign capital. She said that if she is elected, then she would open a special area in finance and start educating people about digital currencies. According to Cheng:
“Taiwan has a very good chance of becoming a great cryptocurrency nation. I believe if elected I can bring in my crypto expertise and tech background to connect the city and the country. I have seen that Taiwan’s politicians are all disconnected when it comes to business and technology.”
Crypto-watcher has however cautioned her that it would not be easy. This is because many voters are interested in crypto but will look for candidates with more administrative abilities. However it’s clear that Cheng’s ambition for digital currencies would appeal to voters who have adoptive sentiments according to John Eastwood, a partner with Eiger Law in Taipei. He believes that: “This could send positive signals to other startups that they have a like-minded mayor in Taipei.”
Her campaign will also have some obstacles like the dispute between her and mainland crypto investor Li Xiaolai which could spoil the campaign. This is because most of the OTCBTC’s clients live in China which has been a political advisor to Taiwan for more than 70 years.
Even though a mayor would be influential there is very little she can do about the crypto market because of commercial regulation, crime prevention and taxation all rest in the central government. In fact, the justice ministry in the country is already working on anti-money laundering rules which will be ready before the end of this year. The government is also working to regulate the crypto sector in order to protect established banks which are worries about losing business to cryptocurrency.