Taiwan will distribute cash of 10,000 dollars in October! Shih Chao-Hui calls for a refusal to receive it, should we follow the example of the United States to reserve Bitcoin?

The Executive Yuan of Taiwan is expected to distribute a cash payment of NT$10,000 by the end of October, sparking heated discussions in society. Monk Shih Chao-Hui from Fo Guang Shan posted on Facebook, calling on the public to refuse the payment and suggesting that Taiwan establish an option for “refusal transfer to Taiwan's continued life special fund,” which would be specifically allocated for major disasters or defense purposes and not to be used for other purposes. Additionally, the viewpoint of mirroring the United States in reserving Bitcoins has also attracted attention, utilizing the super tax revenue to allocate more assets for Taiwan.

This discussion about whether “should we take” unexpectedly extends to another international hotspot - whether the Asian market should follow the United States and include Bitcoin in its reserves to hedge against inflation and strengthen fiscal resilience.

Shih Chao-Hui: Refusing Cash, Safeguarding Taiwan's Treasury

Shi Zhao-hui criticized the Legislative Yuan for forcibly passing the “Universal Distribution of 10,000” proposal, stating that the Executive Yuan can only respond by borrowing, which may lead to local governments following suit and issuing more currency, resulting in a complete loosening of fiscal discipline. She warned that this move would bring about four major consequences:

1. Heavy debts, generational burdens increase.

2. Limited assistance to the disadvantaged, instead widening the wealth gap.

3. The central and local governments are competing to distribute coins, leading to a collapse of fiscal discipline.

4. Taiwan's physical constitution is weak, and it will fall into crisis when facing natural disasters and wars.

She advocates for the addition of a sixth option outside of the existing five modes of receiving, which is to refuse the allocation and transfer it to the “Taiwan Lifeline Fund”, specifically designated for major disasters or foreign invasions, and calls for the establishment of a “Rescue Treasury Alliance”.

Taiwan's Executive Yuan spokesperson Li Huizhi responded, thanking for the kind proposal, respecting individual choices, and will carefully assess the feasibility.

Discussion on National-Level Bitcoin Reserve Strategies in Asia Heats Up

In contrast to the cash distribution controversy in Taiwan, some countries or regions in Asia are considering incorporating Bitcoin into their national reserves as part of a long-term fiscal strategy.

1. Private capital has taken the lead in action

Asian family offices and high-net-worth individuals allocate an average of 5% of their funds to cryptocurrency.

The regulatory environment is becoming clearer (such as the U.S. “GENIUS” Act, Hong Kong stablecoin regulations, etc.)

Public companies and institutions are incorporating BTC and ETH into their financial reserves, boosting market confidence.

2. National/Regional Level Actions

Bhutan: Utilizing hydropower for mining, incorporated into the sovereign wealth fund

Vietnam: Plans to launch a national-level digital asset exchange, exploring the inclusion of BTC in reserves.

Philippines: Congress proposes to establish a strategic reserve of 10,000 BTC

Hong Kong: Legislative Council members call for BTC to be included in official reserves

Challenges and Risks

Compared to Latin American countries, the challenges of implementing a Bitcoin reserve strategy in Asia are more complex:

Lack of International Regulations: The IMF has yet to include cryptocurrencies in its official reserve statistics.

Price volatility is extreme: as a cornerstone of national assets, the risk is very high.

Asset source diversification: Most BTC comes from law enforcement seizures, improper disposal may trigger market turmoil.

Policy Discrepancies: Asian countries have varied regulatory attitudes, lacking a unified strategy.

Taiwan's Revelation: Cash Distribution vs. Reserve Strategy

Taiwan's “Universal Cash Distribution” and Shih Chao-Hui's “Refusal to Accept Transfers to Taiwan's Special Fund” initiative highlight two paths for the utilization of fiscal resources:

1. Short-term stimulus consumption: Direct cash distribution

2. Long-term strategic reserves: Convert funds into assets with preservation and appreciation potential (such as Bitcoin)

If the “Taiwan Continuation Fund” is combined with a Bitcoin reserve strategy, it may find a balance between responding to sudden crises and participating in global digital financial competition.

Conclusion

The controversy over cash distribution in Taiwan and the concept of Bitcoin reserves in Asia, although starting from different points, share a common core issue - how to allocate limited financial resources between the present and the future.

Against the backdrop of the accelerated integration of global digital assets into mainstream finance, whether the Asian market can find a balance between regulation, risk, and strategy will determine its position in the new round of digital economy competition.