It is safe to say that plenty of cryptocurrency enthusiasts have some degree of political ambition, and it seems there is an interesting development taking place where OTCBTC is concerned. The company’s CEO, Yi-Ting Cheng, has made it clear that he will run for mayor of Taipei. It’s a rather surprising development, but one that also makes a lot of sense for him.
Running for Mayor of Taipei
If there is one thing that has become painfully evident, it is that most politicians couldn’t care less about technology or its potential implications. This does not just apply to cryptocurrency, but also to any other disruptive idea which involves technology. The global crackdown on end-to-end encryption, for example, is a clear example of how politicians often see the negative side of innovation first and foremost.
In Taipei, a mayoral election will be held this year. Although that is nothing out of the ordinary, one of the individuals planning to run for mayor is of great interest to the cryptocurrency community. Yi-Ting Cheng, the CEO and owner of OTCBTC, wants to fill that position for the years to come. Going from running the largest OTC crypto exchange in Asia to managing one of the region’s biggest cities will be quite a challenge.
At the age of 35, Cheng is convinced he is the right mayor for the city. Although it sounds like a stupid idea to some people, there are a lot of reasons why this decision makes sense. If he gets elected, Cheng intends to make Taipei the blockchain hub of Asia. With its location close to Japan, Korea, and China, it could influence the regulatory environment from within.
Some people may recall that Taipei used to be a proactive city when it came to technological developments. A lot has changed in the past 20 years, especially in terms of regulation and legislation. This has had a negative impact on the economy, which is why blockchain and cryptocurrencies are needed to revitalize that area. Making politicians listen to entrepreneurs is pretty much impossible unless one of them takes control of a city.
While this plan is rather commendable, it remains to be seen how successful Cheng will be in this regard. Even if he doesn’t get elected, his candidacy will bring some positive attention to OTCBTC, and eventually to cryptocurrencies themselves. Whether or not this will spur massive growth in the ecosystem is a different matter altogether. After all, Asia is quite divided when it comes to regulating cryptocurrency, with a lot of conflicting opinions to take into account.
It will certainly be interesting to see if the OTCBTC CEO can make his vision for Taipei come true. Paying attention to blockchain technology and cryptocurrency is of the utmost importance for any government right now. Unfortunately, most of them will continue to ignore these emerging technologies for as long as they possibly can. Change from within seems more than warranted at this stage.