The upcoming 2024 presidential elections in Taiwan, slated for January 13, 2024, are poised to introduce a distinctive swearing-in ceremony in May, potentially incorporating non-fungible tokens (NFTs) for the first time.
In line with tradition, Taiwan typically marks the president’s swearing-in ceremony with the issuance of presidential commemorative coins by the central bank. However, this year, there’s a possibility that these coins could be replaced by NFTs, according to a report from a local newspaper.
The final decision rests in the hands of the newly elected president, who will be able to choose between issuing NFTs or adhering to the conventional coin tradition.
Should the elected president opt for NFTs, it would signify a historic moment — the inauguration commemorative coin would become the world’s first NFT issued by a country to commemorate the election of a head of state.
The impetus behind this shift may stem from the increased interest in cryptocurrencies surrounding the upcoming presidential election. Authorities issued a warning last month in response to reports of Taiwanese citizens engaging in crypto betting on the Polymarket platform to speculate on election outcomes.
While acknowledging the benefits of Web3, Taiwan remains cautious, recognizing potential risks that users might face.
For instance, the central bank is actively exploring “Central Bank Digital Currency (CBDC)” as part of a responsible approach aimed at mitigating risks and safeguarding people’s rights and interests. Notably, the central bank concluded the “Wholesale CBDC Feasibility Technology Study” in 2020 and the “Universal CBDC Pilot Plan” in 2022, underscoring its commitment to prudent exploration in this direction.