The head of the Central Bank of Taiwan spoke about the work on the CBDC

The head of the Central Bank of Taiwan spoke about the work on the CBDC

Taiwan Central Bank Governor spoke about the work on the CBDC

The Central Bank of Taiwan is still working on the national digital currency (CBDC), it is too early to talk about the exact timing of its release. This was stated by the head of the regulator, Yang Chin-long, Reuters reports.

According to him, the Central Bank has been working on a pilot CBDC project for the past two years. The official called her main task the ability to make payments and settlements without using a debit or credit card.

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

  • interacting with the public and receiving feedback;
  • creating a stable system;
  • forming a legal framework for asset transactions.

“This will take a long time, at least two years. Then we will have to test again,” the head of the Central Bank emphasized.

He did not name the exact timing of the launch of the CBDC, but noted that the people of Taiwan are used 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.

What is Central Bank Digital Currency (CBDC)?

Earlier, experts at the Bank for International Settlements (BIS) found that nine out of ten central banks around the world are studying CBDC.

Recall that in the “Annual Economic Report” BIS called national digital currencies the basis of future innovative monetary systems.

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