Taiwan Contemplates World’s First Presidential Inauguration NFT, Says Former Premier

Taiwan is considering a novel approach to commemorating the inauguration of its next president. Former Premier Sean Chen has proposed that instead of issuing a traditional commemorative coin, the new president should release a non-fungible token (NFT) when they take office in May. The idea comes ahead of the January 13 presidential election, where voters will decide between candidates including Democratic Progressive Party Chair Lai Ching-te, Kuomintang candidate Hou Yu-ih, and Taiwan People’s Party Chair Ko Wen-je.

The Central Bank of Taiwan, which traditionally releases coins to mark such significant events, is open to this innovative suggestion. According to Chen, if the bank were to issue an NFT to celebrate the new president’s inauguration, Taiwan could position itself as the first nation to adopt this digital and environmentally friendly method of marking a presidential transition.

The former premier envisions this NFT not only as a gift to the incoming president but also as a symbol of Taiwan’s commitment to modernity and sustainability. The Central Bank has expressed that it will take into account the desires of the president-elect before making a decision on the matter. This consideration comes in light of the United Kingdom’s government previously contemplating a similar move, which ultimately did not come to fruition due to a decline in the popularity of NFTs and tumultuous cryptocurrency markets.

The issuance of an NFT by a national government would be a significant event, intertwining the realms of digital assets and official state functions. It would represent a modern take on the age-old practice of commemorating leadership changes, highlighting Taiwan’s progressive stance in the global digital landscape.