Taiwan’s Central Bank Taking a Cautious Approach to CBDC Issuance
Recently, Taiwan’s central bank head, Yang Chin-long, emphasized that the country is proceeding with caution when it comes to issuing a central bank digital currency (CBDC). He highlighted that CBDCs are not a matter of international rivalry, and the national bank plans to conduct careful experiments regarding the digital Taiwan new dollar.
- Chin-long stressed that CBDC projects in other countries have not yielded the expected results
- He plans to provide a special report to the Finance Committee of the Legislative Yuan to discuss digital currency issuance
- The central bank aims to promote CBDC steadily to support digital payment policies
Taiwan’s CBDC Plans and Progress
Last year, Deputy Governor Chu Mei-lie disclosed that the central bank had completed a technical feasibility study for a wholesale CBDC and made plans for retail or “universal” CBDC pilots.
- The central bank has no strict timeline for CBDC issuance, focusing on research and experiments
- Efforts to enhance processing efficiency and innovate payment system applications are underway
- Plans include conducting comprehensive surveys on CBDC and collaborating with international entities like BIS and Swift
- The Financial Supervisory Commission is implementing regulations for Virtual Asset Service Providers to protect cryptocurrency users
Hot Take: Taiwan’s CBDC Approach and Future Prospects
In conclusion, Taiwan’s central bank is proceeding cautiously with its CBDC plans, emphasizing the need for thorough research and experimentation before implementation. This strategic approach aims to ensure the successful promotion of digital payment policies and efficient financial systems in the country.
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