Taiwan Central Bank: Denies CBDC Competition

Yang Chin-long, the director of Taiwan’s central bank, stated on Sunday that the country will promptly introduce a central bank digital currency (CBDC).

The president of the Central Bank of the Republic of China (Taiwan) emphasized that CBDCs are not an “international competition.” He further stated that the national bank would proceed cautiously by conducting experiments related to the new digital Taiwan currency.

As per a local report, Chin-long drew inspiration from countries that either issued a CBDC or conducted pilots. He stated that these initiatives still need to meet his expectations.

On Wednesday, Chin-long will provide a special report to the Finance Committee of the Legislative Yuan regarding the planning of digital currency issuance.

He is confident that the propagation of CBDC is a complex and extensive process that necessitates a long-term commitment. Jinlong emphasized that the central bank will consistently advocate for it to guarantee the dissemination of digital payment policies.

Taiwan Has No Timetable for CBDC Issuance

Chu Mei-lie, the Deputy Governor of the Central Bank of Taiwan, announced in December that the bank had finalized a technical feasibility study for a wholesale CBDC. He also underscored that the bank has developed plans for additional retail or “universal” CBDC prototypes.

Chin-long stated on Sunday that the central bank has “no timetable” for issuing a CBDC. Reuters reported that the bank is “in the process of continuous research and experimentation” and is already enhancing the processing efficiency and innovative application of the payment system.

“The promotion of central bank digital currency is a huge and complex project that will need to be carried out for a long time.”

In December, the deputy governor announced that the central bank intends to implement CBDC surveys throughout the ecosystem. Additionally, Mei-lie stated that it is in communication with Swift and the BIS.

In addition, the Financial Supervisory Commission (FSC), Taiwan’s financial regulator, has released new guidelines for Virtual Asset Service Providers (VASPs). It is designed to improve the protection of cryptocurrency consumers in the nation.