Taiwan should embrace Libra, says Foxconn founder

• Terry Gou says Taiwan can use Libra to improve its global stance.
• The Foxconn founder wants to promote the digital currency in the country.

Terry Gou, one of the richest men in Taiwan, believes that the country can improve its international stance by adopting Facebook’s Libra. In a recent interview, the head of manufacturing giant Foxconn noted that while other governments were skeptical about the digital asset offered by the social media giant, Taiwan should embrace it. 

This approach will allow the country to become an international financial hub and eventually connect Libra with the digital currency developed by the Chinese government, once and if it is launched.  

“I know Zuckerberg pretty well, and I hope we can bring Libra to Taiwan in the future,” he said at the annual meeting of Taiwan’s technology association in Taipei.

“Mainland China has decided not to accept Libra and build its own digital currency. That creates a great opportunity for Taiwan as we can become a place where the two separate systems converge,” he added.

Gou, who tries to cultivate the next generation of political and economic leaders of the country,  plans to publish a textbook about the digital currency to promote Libra in Taiwan.

“I have been in talks with many venture capital firms and they want to find better investments and create job opportunities for young people in Taiwan,” he said.

Meanwhile, the Taiwanese Financial Supervisory Commission (FSC) tightened its cryptocurrency regulations to enforce anti-money-laundering (AML) practices.