Taiwan Central Bank Has No Set Date for Digital Currency Launch

Taiwan Central Bank Has No Set Date for Digital Currency Launch

Taiwan's central bank has announced that it has no timetable for launching a central bank digital currency (CBDC). The bank has been developing a pilot program for four years aimed at enabling users to make electronic payments via digital wallets without needing credit or debit cards. Despite the absence of a launch date, the central bank plans to hold public hearings next year to disseminate information and educate the public about the initiative.

The central bank acknowledges that implementing a digital currency is a "huge and complex" process but emphasizes that digital currency can improve the processing efficiency and innovative applications of Taiwan's payment system. While the initiative is seen as a potential game-changer in payments, it has also sparked debates over issues such as government surveillance. Globally, 134 countries, representing 98% of the global economy, are exploring digital versions of their currencies, with many in advanced development stages.

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