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Cryptocurrency Investing Risks Higher, But Crypto Technology Still Worth Nurturing, Says KPMG Executive

According to Jason Hsieh, Head of Advisory at KPMG Taiwan, the cryptocurrency trade bubble may burst, but the technology applications and innovation trends behind it will not.

Fundamental technological developments such as AI, cognitive technology, blockchain infrastructure and virtualized visual technology still deserve commitment from Taiwan’s industry, Hsieh said at the cryptocurrency forum on Aug. 4. Stated.

Shea voices his views on the future direction of the metaverse, non-fungible tokens (NFTs), and cryptocurrencies, saying that past enthusiasm for cryptocurrencies has resulted in low value, lack of transparency, and hard to follow. He pointed out that he was hiding issues such as legal conditions. When it comes to NFTs, obstacles such as questionable strategies, abundant counterfeits, and difficult rules must be overcome.

The recent big volatility in the cryptocurrency market threatens to burst the bubble, but Shay believes the technology applications behind the market are not at risk. He said that the initial coin offering (ICO) industry collapsed in 2017, but the crypto ecosystem remained active. Legitimate exchanges and supplies His chain is still thriving in the capital markets, with the Metaverse driving his NFTs back into trend.

He argues that the technologies behind crypto such as blockchain infrastructure, AI, cognitive technology, virtualized visual technology, and mediums such as virtual economy carriers, storage devices, and wearable digital reality equipment will further expand Taiwan’s industry. He said it was an area that could be worked on.

In a post-forum interview, Hsieh cited e-wallets as one of the product options. Currently, the main problem with e-wallets is that they have high technical thresholds, high risks, and are limited to users who are familiar with blockchain technology. Therefore, if companies can develop easy-to-use and secure e-wallets, they will have a competitive edge in the market.

Hsieh said Taiwan’s strength lies in cryptography and program development, and Taiwanese players should consider diving deeper into these areas.

If we liken the whole application of fintech to a building, Taiwan’s small market size and limited capital scale are not suitable to lead the construction of the whole building. Instead, Taiwan should develop niche technologies such as smart locks and high-strength glass in buildings, Xie said.

In short, when developing FinTech applications and metaverse infrastructure, Taiwan must first grasp the basic and key technologies. This is a long-term strategic approach suitable for Taiwan’s industry, Xie said.



https://www.digitimes.com/news/a20220805PD201/cryptocurrency-fintech-nft-smart-applications.html Cryptocurrency Investing Risks Higher, But Crypto Technology Still Worth Nurturing, Says KPMG Executive

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