Taiwan’s central bank is still working on its digital currency, and while it is unclear when it might be released to the public, the monetary authority intends to take the plan forward, monetary authority chairman Yang Chin-long said on Wednesday. ).
Taiwan’s central bank has been working for two years on a pilot for a government-run digital currency aimed at people using a digital wallet and making payments without using a debit or credit card.
Speaking at a forum, Yang said the BC is simulating the use of the digital currency in a closed environment.
Taiwan’s central bank faces three main tasks to follow, he added: communicating with the public and winning their support, ensuring the stability of the system and building the legal framework for currency operations.
“This will take a long time, at least two years, and then we will have to re-evaluate.”
As this is a huge project, it is uncertain that even in two years the platform can be completed, Yang said. Taiwanese are also used to using cash, she added.
“We still have to move forward. After all, most young people in the future will use cell phones, so we have to think about the next generation.”
Ten countries have already launched central bank digital currencies and another 105 countries are exploring the option, according to the Atlantic Council.
United States Federal Reserve Chairman Jerome Powell said earlier this month that the development of an official digital version of the dollar could help protect its global dominance as other countries issue their own electronic currencies.
Source: CNN Brasil
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