Taiwan central bank chief outlines work on CBDC

The Central Bank of Taiwan is still developing a national digital currency (CBDC), with no precise timetable for its release yet. This was stated by regulator head Yang Chin-long, according to Reuters.

According to him, the central bank has been working on a pilot CBDC project for the past two years. Its main objective, the official said, was to enable payments and settlements without using a debit or credit card.

At a forum dedicated to digital currencies, Yang Chin-long outlined three main tasks regarding the CBDC:

• engaging with the public and gathering feedback;
• creating a stable system;
• establishing a legal framework for operations with the asset.

\”This will take a long time, at least two years. Then we will have to conduct testing again,\” stressed the head of the central bank.

He did not name an exact launch timeline for the CBDC, but noted that Taiwan’s residents are accustomed to paying in cash.

\”We still need to move forward. After all, in the future most young people will use mobile phones, so we must think about the next generation,\” the official concluded.

Earlier BIS experts found that nine out of ten central banks around the world изучают CBDC.

As reported in BIS’s Annual Economic Report, national digital currencies were named the foundation of future innovative monetary systems.

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