Categories: MarketsMenafn

CBDC Launch No Priority in Taiwan

The President of the Central Bank of the Republic of China, Yang Chin-long, stated that developing a central bank digital currency (CBDC) is not a competition. He emphasized that the central bank prioritizes steady progress over speed.

Yang mentioned that being the first to introduce a CBDC does not guarantee success, citing that countries with existing CBDCs have yet to achieve the desired outcomes. UDN reported this on July 7.

Taiwan’s Digital Dollar Plans

Yang also detailed the central bank’s digital New Taiwan dollar plans. Also, this report preceded his presentation to the Finance Committee of the Legislative Yuan on June 10. The central bank conducts experiments in three scenarios to enhance domestic payment efficiency and foster innovation. Although there is no set timetable for issuing a CBDC, the central bank continues improving the payment system’s processing efficiency and exploring innovative applications.

One notable development is the CBDC prototype platform designed for retail payments. Yang mentioned that this platform can support the cash flow operation of digital coupons, with transaction processing speeds reaching 20,000 transactions per second.

Wholesale CBDC and Tokenization

The central bank is also working on a proof-of-concept for a wholesale CBDC. This project aims to combine CBDC with bank deposit tokens to create a future digital currency system that can serve as a liquidation asset for asset tokenization. The central bank plans to apply tokenization technology to digitally transform both wholesale central bank currency and commercial bank currency, supporting various asset tokens. Proofs-of-concept are being conducted with participating banks to build a common platform for tokenization. This platform will be tested in scenarios such as inter-bank transfer of bank deposit tokens and simultaneous delivery of asset tokens and special-purpose digital money.

In March, the Financial Supervisory Commission announced plans to propose new digital asset regulations by September 2024. This initiative aims to create more effective regulations for digital asset markets and ensure investor safety.

Yang reiterated that Taiwan’s careful approach towards issuing a CBDC is designed to meet public digital payment needs and align with government digital policy goals.

Jerry Rolon

After working for 7 years as a Internet Marketer, Jerry now aims to explore the journalistic side of Internet. With his impeccable knowledge in this domain, he churns out some of the best news articles from the internet niche. With respect to acedamics, Jerry earned a degree in business from California State University.

Recent Posts

Sunny Mining Unveils Weekend Incentive Contracts for Short-Term Crypto Profits

Los Angeles, California, 22nd August 2025, ZEX PR WIRE, As digital assets gain increasing attention,…

3 days ago

Price pullbacks are no longer the end: APT miners help XRP investors lock in daily gains

Los Angeles, California, 22nd August 2025, ZEX PR WIRE, After XRP once again fell below…

3 days ago

Irys Raises $10M Series A to Unlock $3 Trillion Data Economy With First Programmable Datachain

CoinFund-Led Round Accelerates Institutional Adoption of Infrastructure For Datachains London, UK, Aug 22, 2025, ZEX…

3 days ago

BJMINING Attracts Thousands of New Users Amid Crypto Rally, Delivering $7,000 Daily Returns

London, UK, 22nd August 2025, ZEX PR WIRE- With the launch of Bitcoin and Ethereum…

3 days ago

XRP holders cash out $5,777 per day through secure blockchain cloud mining.

Start your journey to wealth with one click. Miami, Florida, 22nd August 2025, ZEX PR…

3 days ago

PlanMining Helps XRP Investors Earn $8,800 in Passive Income Daily

London, England, 22nd August 2025, ZEX PR WIRE, In today’s volatile cryptocurrency market, maintaining asset…

3 days ago