Janice R. Andrews
Taiwan’s Taipei The launch of a digital currency is not currently scheduled, according to Taiwan’s central bank, which described the process as “huge and complex.” Nonetheless, in order to provide information and solicit public opinion, the bank intends to hold public hearings the next year.
To eliminate the need for debit or credit cards when making payments with a digital wallet, the central bank has been developing a pilot program for a government-run digital currency.
“Although the bank currently has no timetable for issuing a central bank digital currency, it is continually enhancing the processing efficiency and innovative application of the payment system through ongoing research and experimentation,” the bank said in its parliamentary report.
The bank underscored the importance of broad outreach in light of the enormous influence a digital currency introduction would have on the general public. In order to achieve this, it will hold forums and public hearings the next year to raise knowledge and comprehension of digital money.
“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 paper stated.
134 nations, or 98% of the world’s economy, are investigating digital versions of their national currencies. According to a March research, more than half of these nations are either pilot testing, in the advanced phases of development, or have actually introduced digital currencies.
Digital currency proponents contend that they offer new features and serve as a substitute for cash. However, due to worries about possible government surveillance, digital currencies have also triggered protests in a number of nations.
On Monday, Governor Yang Chin-long is expected to speak to lawmakers about this subject and go over Taiwan’s future plans for digital currency.
Follow along for additional updates on the state of Taiwan’s digital currency as well as other financial news.
