Taiwan’s focus on national digital currency research and testing

The Central Bank of Taiwan has announced that it does not have a specific timetable for the launch of the national digital currency. This financial institution emphasized in a report to the parliament that the process of issuing such a currency will be very extensive and complicated. However, the Central Bank of Taiwan will hold hearings next year to inform and educate the public about this issue.

According to Tekna Media’s digital currency news service, the Central Bank of Taiwan is currently developing a pilot project to launch a government-managed digital currency. This project is designed to facilitate digital payments for citizens through electronic wallets without the need for credit or debit cards.

The report presented to the Parliament states: “Although the Central Bank does not currently have a specific schedule for the release of the Central Bank’s digital currency, through continuous research and testing, it is always improving processing efficiency and innovation in the field of payment system applications.”

The report also points out that the promotion of central bank digital currency is a huge and complex project that requires long-term implementation. According to a study published in March, 134 countries, representing 98 percent of the global economy, are currently considering and evaluating the possibility of issuing digital versions of their national currencies. The results of this study show that more than half of these countries are in advanced stages of developing, piloting or launching digital currency.

Proponents of digital currencies believe that these types of currencies provide the possibility of benefiting from new financial capabilities and are an efficient alternative to physical cash. Despite this, concerns about the possibility of government abuse and financial espionage through digital currencies have led to protests in some countries.