Taiwan’s CBDC Needs At Least Three More Years

While many Asian countries have successively launched tests of Central Bank Digital Currency (CBDC), Yang Jinlong, president of the central bank of Taiwan, when questioned in the Legislative Assembly a few days ago, stated that the 3rd phase of the Taiwan CBDC test will be completed “in no less than 3 years”.

Taiwan completed the 1st phase of the “Wholesale CBDC Feasibility Technology Research” in June 2020, and completed the 2nd phase of the “Universal CBDC Pilot Project” in June 2022, in which CBDC Retail Payments were tested in a closed environment. As for the 3rd stage, Yang Jinlong still held a conservative attitude towards CBDC, as the CBDC is a “big project” that requires specifications & standards, infrastructure, and legal frameworks that are common to international cooperation. At the same time, it is also necessary to formulate legal details to prevent illegal activities. Given that it requires long-term planning and practice to establish such an ecosystem of digital currency with related financial institutions, so there is no need to rush to issue CBDC.

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Translator: NFSC News
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