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TWDC is fully backed by the New Taiwan Dollar, deposited in trust with a qualified third-party financial institution. The 1:1 TWDC to NTD will visible in realtime on the Company’s website and will be audited by a certified auditor on a regular basis.
The Company shall comply with relevant AML and KYC requirements set out by Taiwan’s Financial Supervisory Commission including the “Measures for Preventing Money Laundering and Anti-Terrorism of Funds Laundering on Virtual Currency Platforms and Transaction Business Undertakings”.
Important matters related to the issuance and circulation of TWDC are decided based on discussions with the Company’s Board of Directors and its Advisory Board. The Advisory Board includes experts and academics in the financial and Fintech space. The Company also maintains close contact with Taiwan’s Financial Supervisory Commission to avoid systemic market risk and ensure customers’ protection.
TWDC is a tool to make payment and the transfer of funds easier, faster, and cheaper. The rapid global growth in the use of stablecoins as a safe, efficient, and cost effective alternative to fiat currency offers an opportunity for Taiwan to modernize its payment structure. In addition, TWDC will promote trade with Taiwan and make it easier to do business with Taiwanese companies.
Like all cryptocurrency, TWDC seeks to bring about a democratization of wealth by reducing the capital cost of local and cross-border transactions without intermediary. TWDC speeds up the arrival of funds and reduces the waiting time and related confirmation costs. Without the need for a bank account, TWDC will make transferring funds and investing money more accessible to the unbanked segment of the population.
Taiwan has long desired to strengthen it’s financial Asian footprint. The adoption of a TWDC would not only take Taiwan to the forefront of the financial evolution, consistent with Taiwan’s desire to embrace fintech, but also boost its international profile as a place to do business, particularly for the high-tech industries Taiwan is so eager to attract.