Taiwan: We Will Focus on Progress, Not Speed, for Our CBDC Launch
The President of the Central Bank of the Republic of China, Yang Chin-long, has emphasized that the development of a central bank digital currency (CBDC) should not be seen as a competition, but rather a steady and progressive process.
Yang’s statement comes in response to a July 7 news report by UDN, which reported that countries that have already issued or tested CBDCs have not seen the desired outcomes despite being the first to do so. In a report released on June 7, prior to his presentation to the Finance Committee of the Legislative Yuan on June 10, Yang outlined the central bank’s plans for a digital New Taiwan dollar.
He stated that the central bank is currently conducting experiments in three scenarios to improve domestic payment efficiency and promote innovation.
While there is no set timeline for the introduction of a CBDC, the central bank continues to make efforts towards enhancing payment system processing efficiency and developing innovative applications.
