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Taiwan is advancing its central bank digital currency (CBDC) initiative, prioritizing enhancements in the asset’s operational efficiency over the rapidity of its rollout. Concurrently, Taiwan Mobile, a leading telecom provider in the region, has secured a virtual asset service provider (VASP) license.
Yang Chin-long, the Governor of the Central Bank of the Republic of China, detailed the regulator’s strategy for launching the digital Taiwan dollar. He highlighted that the bank’s focus is on making consistent advancements and enhancing the operational efficiency of the CBDC, rather than hastening the adoption of digital currency.
Chin-long also remarked that being the pioneer in issuing a CBDC does not ensure success, as nations that have already launched or are piloting digital currencies have not met their anticipated outcomes. Consequently, Taiwan’s central bank will persist with CBDC trials aimed at boosting domestic payment efficiency and fostering innovation. Specifically, a series of tests for the digital Taiwan dollar will be conducted in the following contexts:
- Interbank transfers of deposit tokens.
- Simultaneous delivery of asset tokens.
- Special-purpose digital currency.
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Chin-long further mentioned that Taiwan’s central bank has created a prototype platform for a retail CBDC, capable of processing transactions at speeds of 20,000 transactions per second. Additionally, the regulator is formulating a concept for a wholesale CBDC, which will serve as the foundation for utilizing digital currency as a liquidation asset for tokenization.
Taiwan’s cryptocurrency market is experiencing significant growth. As reported by Bloomberg, Taiwan Mobile, the second-largest telecommunications provider in the area, intends to launch a cryptocurrency exchange. To facilitate this, the company has acquired a virtual asset service provider (VASP) license from the Taiwanese Financial Supervisory Commission (FSC).
Zheng Guangtai, Chairman of Taiwan’s VASP Association, indicated that the involvement of such a prominent corporation in the digital asset sector will act as a driving force for its expansion. He also pointed out that Taiwan Mobile has become the first major member of the Association, which predominantly consists of startups.
Taiwan’s self-regulatory VASP Association was founded in September 2023 in response to increased regulatory measures.
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