- Taiwan has expressed concerns about its anticipated CBDC launch.
- Users might need to wait longer for the launch.
- However, Taiwan believes that digital currency will be a game-changer in payments.
Taiwan’s central bank revealed Sunday that it doesn’t have a “timetable” for launching a digital currency (CBDC) in the country.
For the past four years, the bank has been working on a pilot for a government-run digital currency that would allow users to make payments electronically via digital wallets. This would eliminate the need for a credit or debit card.
Taiwan Puts CBDC on Hold
On July 7, Reuters reported that Taiwan’s central bank has no specific schedule for launching a CBDC as the process is “huge and complex.” For this reason, the bank intends to hold public hearings next year to share knowledge on the matter.
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“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 report quoted the central bank. “Given the currency's launch will affect many people it is necessary to widely communicate about it, and public hearings and forums will happen next year to promote knowledge of the currency.”
While the development seems to put the CBDC plan on hold indefinitely, the central bank acknowledged that digital currency has proven, through ongoing research and experimentation, that it can improve the processing efficiency and innovative applications of Taiwan’s payment system.
The development comes as the central bank Governor, Yang Chin-long, is scheduled to answer lawmakers’ questions on Monday.
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