Taiwan’s Economic Woes Can Be a Boon for Bitcoin & the Blockchain

Disrupting the financial sector is the main goal most people envision for Bitcoin and the underlying blockchain technology. At the same time, digital currency technology goes well beyond the financial market, as it can help revamp entire nation’s infrastructures. Plus, it could help in the field of job creation as well, especially where international workers are concerned. In Taiwan, the job struggle is quite real, making the country prone to disruption.

Also read: How China’s Evolving Internet Will Impact Bitcoin Users

Taiwan’s Economy is in ShamblesBitcoin.com_Taiwan Map

Global news headlines will hardly ever mention how things are going in Taiwan, even though the country is very important to the Asian region. Based on the information provided in a recent Reuters article, job creation in the country is in a pickle. As a result, bright young minds are forced to work for a salary below minimum wage, with little to no improvements in sight.

Even with excellent knowledge of the English language – a rather rare trait among the Taiwanese population – finding a decent job is not easy. The article mentions how Jason Tsai has graduated from university over two years ago, but so far, his employment record is missing that first big job.

This creates an interesting scenario in Taiwan, as English is a highly sought language skill in the country. The business world usually deals with international customers and partners, making English a mandatory language to master. Unfortunately, job creation in the country is not rewarding those who possess excellent English skills.

In fact, a lot of young workers are facing the scenario of either working a part-time job – and earning below minimum wage – or not working at all. Part of this issue can be blamed on the current state of the Taiwanese economy, as the aftershocks of recession are still sending shockwaves through people’s finances to this very day.

It should come as no surprise to find out that, if younger generations cannot earn enough money by working, the pension system in Taiwan is coming under a lot of pressure. This leads to government officials looking to retire while the generous taxpayer-funded pensions are still available to them in their current form.

Young workers in Taiwan are looking to leave the country in the hopes of finding a better job elsewhere. Japan seems to be the country of preference for the time being. At the same time, this taxes the Taiwan economy even more, as these same young workers are needed to drive economic growth over the next few years.

How Bitcoin & Blockchain Technology Can HelpBitcoin.com_Taiwan Economy Bitcoin

Other than moving to a different country, there are other options available to young workers in Taiwan. With proper English language skills, a job in the Bitcoin and blockchain industry could be on the horizon. Many startups are looking to enter the Asian market, and starting out in Taiwan is a good entry point.

Remote workers are an interesting prospect in the world of Bitcoin and blockchain technology, as it allows companies to hire people from all over the world. Depending on what type of role the worker is filling, daily or weekly Skype meetings to discuss the workflow are more than enough to keep things trucking along nicely.

Online jobs are a booming business, and young workers need to be prepared to embrace this digital lifestyle. However, a report by Oxford Economics released earlier this year shows how Taiwan will be facing a major struggle in this regard. The mismatch between talent and demand will only grow larger as the country’s population keeps aging further.

By the look of things, the entire educational system in Taiwan will need a major overhaul. Students are not properly prepared for the Digital Age, which is almost upon us, and the traditional job sector seems to offer little room for growth in its current state. A bigger focus on remote working opportunities and jobs that are not within the “standard” realm of possibilities will go a long way.

What are your thoughts on the future economic outlook for Taiwan? Should there be a larger focus on Bitcoin and blockchain opportunities? Let us know in the comments below!


 

Source: Reuters

Images courtesy of Shutterstock, IMF, MGTrading