Taiwan’s Central Bank Explores Feasibility of Wholesale CBDC
Taiwan’s central bank has completed a feasibility study of wholesale central bank digital currency (CBDC) and is considering its introduction. The bank is actively seeking feedback from business and academics as it continues to work on platform design, according to deputy governor Mei-lie Chu.
Banking 4.0: Integration of AI and Advanced Technology
In a recent speech, Chu discussed the concept of “Banking 4.0,” which involves embedding banking services into customers’ daily lives through the integration of artificial intelligence and advanced mobile and digital technology. Chu devoted a significant portion of her presentation to the topic of CBDC.
Advantages of CBDCs and Tokenization
Chu highlighted the advantages of CBDCs and the tokenization of real-world assets, citing research from the Bank for International Settlements. She emphasized that a central bank currency with clearing finality could serve as the operational basis for tokenization.
Unified Ledger Technology for Interoperability
Chu specifically mentioned unified ledger technology, which utilizes a single ledger in a partitioned data environment to achieve interoperability among systems.
Hot Take: Taiwan’s Central Bank Moves Forward with Wholesale CBDC
Taiwan’s central bank has taken significant steps towards exploring the implementation of a wholesale central bank digital currency (CBDC). With a completed feasibility study and ongoing efforts to seek feedback, the bank is actively considering introducing CBDCs. Deputy governor Mei-lie Chu emphasized the benefits of CBDCs and tokenization in her recent speech on “Banking 4.0.” She also highlighted the potential of unified ledger technology for achieving interoperability among systems. As Taiwan continues to progress in its exploration of CBDCs, it demonstrates the country’s commitment to embracing innovative financial technologies.
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