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The Central Bank of Taiwan Is currently undertaking a pilot
program for a government-issued digital currency. This initiative aims to
provide individuals with the ability to utilize a digital wallet and make
payments without the need for debit or credit cards.
"Despite the absence of a specific timeline for the
issuance of a central bank digital currency, the bank is actively engaged in
ongoing research and experimentation. This process aims to enhance the
efficiency of payment system processing and foster innovative applications.
These efforts are detailed in a report submitted to parliament.
In light of the impending launch of the new currency, which
will have a significant impact on a large segment of the population, the bank
has deemed it essential to engage in extensive public outreach efforts. To this
end, a series of public hearings and forums will be organized in the coming
year with the primary objective of disseminating comprehensive information
about the currency. This proactive approach is being undertaken in advance of
the scheduled parliamentary session, during which Governor Yang Chin-long will
address lawmakers’ inquiries regarding the aforementioned currency.
"The promotion of central bank digital currency is a
substantial and intricate undertaking that will require sustained and dedicated
efforts over an extended period of time,” it further elaborated.
As of March, a study revealed that 134 nations, representing
98% of the global economy, are actively investigating the implementation of
digital currencies. Over half of these countries are in advanced stages of
development, piloting, or launching their digital currency initiatives.
Proponents of digital currencies assert that these
currencies will enable novel functionalities and serve as an alternative to
physical cash. However, they have also sparked demonstrations in various
countries due to concerns regarding the potential for governmental
surveillance..