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The head of Taiwan’s central bank, Yang Chin-long, stated on Sunday that the nation is not rushing to launch a central bank digital currency (CBDC).
The president of the Central Bank of the Republic of China (Taiwan) emphasized that CBDCs do not represent an “international competition.” He noted that the national bank will proceed cautiously, conducting experiments related to the digital Taiwan new dollar.
As per a local report, Chin-long referenced examples of nations that have either issued a CBDC or conducted pilot programs. He remarked that these initiatives have “not met expectations.”
Additionally, Chin-long is set to deliver a special report to the Finance Committee of the Legislative Yuan on Wednesday concerning the planning of digital currency issuance.
He expressed that promoting a CBDC is a significant and intricate endeavor that necessitates a long-term approach. Jinlong highlighted that the central bank will advance it gradually to ensure the effective implementation of digital payment policies.
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Taiwan Has No Timetable for CBDC Issuance
In December, the Deputy Governor of the central bank of Taiwan, Chu Mei-lie, indicated that the bank had completed a technical feasibility study for a wholesale CBDC. He also pointed out that plans for additional pilots of a retail or “universal” CBDC have been developed.
However, Chin-long mentioned on Sunday that the central bank has “no timetable” for the issuance of a CBDC. The bank is engaged in “the process of continuous research and experimentation, which is already enhancing the processing efficiency and innovative application of the payment system,” as reported by Reuters.
“The promotion of central bank digital currency is a huge and complex project that will need to be carried out for a long time.”
The deputy governor noted in December that the central bank intends to conduct surveys throughout the ecosystem regarding CBDC. Furthermore, it is collaborating with the BIS and Swift, Mei-lie added.
In addition, Taiwan’s financial regulator, the Financial Supervisory Commission (FSC), introduced new guidelines for Virtual Asset Service Providers (VASPs), aimed at improving the protection of cryptocurrency users within the country.
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