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Taiwan Central Bank’s Digital Currency Update

Taiwan Central Bank's Digital Currency Update

Taiwan Central Bank announced today that there is no plan to launch a digital currency project.

Although it has issued a “huge and complex” procedure warning, public hearings on the subject will be held next year in an effort to raise awareness. The goal of Taiwan’s central bank’s pilot program is to enable the use of a digital wallet for payments without the need for a debit or credit card.

“Although the bank currently has no timetable for issuing central bank digital currency, in the process of continuous research and experimentation it is already improving the processing efficiency and innovative application of the payment system,” according to a report submitted to parliament.

Taiwan Central Bank announcement.

Prior to its governor Yang Chin-long fielding questions from lawmakers on Monday, the bank announced that public hearings and forums will be held in the upcoming year to increase public awareness of the currency, given that its debut will have a significant impact on a large number of people.

“The promotion of central bank digital currency is a huge and complex project that will need to be carried out for a long time,” it stated.

Taiwan Central Bank's Digital Currency Update

According to Reuter March research, 134 nations—representing 98% of the world economy—are currently investigating digital versions of their national currencies, with more than half of them in advanced development, pilot, or launch stages.

Proponents claim that digital currencies will offer an alternative to cash and additional capabilities. However, they have also fueled protests over possible government spying in several other countries.

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