Taiwan has expressed concerns about its anticipated CBDC launch, indicating that users might need to wait longer. Despite the delay, Taiwan believes that a digital currency would be a game-changer in payments.
Taiwan’s central bank announced on Sunday that it doesn’t have a set “timetable” for launching a digital currency (CBDC). The bank has been developing a pilot program for a government-run digital currency over the past four years, aimed at allowing users to make electronic payments through digital wallets without needing a credit or debit card.
Taiwan Central Bank Delays Digital Currency Launch
On July 7, Reuters reported that Taiwan’s central bank has no specific schedule for launching a central bank digital currency (CBDC), describing the process as “huge and complex.” To address this, the bank plans to hold public hearings next year to educate the public about the initiative.
“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 appears to indefinitely delay the CBDC plan, the central bank acknowledged that ongoing research and experimentation have shown digital currency can improve the processing efficiency and innovative applications of Taiwan’s payment system.
This announcement comes as central bank Governor Yang Chin-long is scheduled to answer lawmakers’ questions on the matter on Monday.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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