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    Sunday, July 7, 2024

    No Timetable for Launching Digital Currency, Taiwan Central Bank says

    Taiwan’s central bank announced on Sunday that it does not have a specific timeline for the launch of a digital currency. The bank acknowledges that the process will be extensive and intricate, requiring careful consideration and planning. To facilitate public understanding and engagement, the bank intends to conduct public hearings on the matter in the upcoming year.

    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..

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