The Governor of the Bank of Taiwan, Yang Chin-long, said that the central bank is experimenting with a government stablecoin in several scenarios to improve the efficiency of domestic payments and accelerate innovation in the administrative region.
One of the important stages, Chin-lung named the creation of a prototype CBDC platform designed for retail payments. According to the official, this platform can already conduct transactions with digital coupons, and the payment processing speed reaches 20,000 transactions per second.
In addition, the Bank of Taiwan is working on a proof of concept for a wholesale CBDC. This initiative aims to use the state cryptocurrency for bank deposits and asset tokenization. The regulator is collaborating with commercial banks to create a tokenization platform.
Chin-lung noted that the development of CBDC should not be perceived as a competition between central banks. Such developments should focus on sustainable progress, not speed.
In 2022, the governor of Taiwan’s central bank said that developing a digital Taiwan dollar could take at least two years. Being the first to implement a CBDC does not guarantee success, Chin-lung said, as countries that have already launched or tested CBDCs have not seen the desired results.
Source: Bits
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