Former Premier Sean Chen proposes an unconventional idea for Taiwan's upcoming presidential transition. With the impending change in leadership scheduled for May 20th, Chen advocates for embracing non-fungible tokens (NFTs) as a novel alternative to the customary commemorative coins usually issued by the central bank. This proposal marks a divergence from tradition, sparking discussions surrounding the evolution of ceremonial practices during significant political milestones.

Presidential Election Dynamics

As Taiwan prepares for a new head of state following the January 13th election, where contenders from Democratic Progressive Party (DPP), Kuomintang (KMT), and Taiwan People’s Party (TPP) vie for the position, the anticipation of the transition ceremony looms. Despite the delay between the election and the swearing-in, the proposal to introduce NFTs to commemorate this event stirs curiosity within the political landscape.

NFTs: A Contemporary Celebration Method?

Chen emphasises that the issuance of an NFT would not only mark a historical moment but also serve as a symbolic and eco-friendly gift to the incoming president. This unconventional suggestion positions Taiwan at the forefront of innovation, potentially making it the pioneering country to incorporate blockchain technology into official ceremonies. However, uncertainties arise as the proposal considers environmental impact and the realm of digital currencies.

Central Bank's Consideration and Global Precedent

Amidst discussions, the central bank deliberates on the possibility of adopting NFTs for this purpose. The decision hinges on the incoming president's inclination towards this modern approach. Citing a UK government initiative that aimed to introduce NFTs but faced setbacks due to fluctuating trends in the cryptocurrency market, officials remain cautious in navigating this uncharted territory.

Embracing Technological Progress While Honouring Tradition

The proposition to introduce NFTs in place of commemorative coins during Taiwan's presidential transition encapsulates the evolving landscape where tradition meets innovation. While it symbolises a leap towards technological advancement, it remains essential to weigh the implications and sustainability of such a shift. Embracing technological progress should harmonise with preserving the essence of ceremonial practices, reflecting a delicate balance between modernity and tradition.