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Taiwan’s CBDC project needs at least two more years, says central bank governor

The central bank’s team has been simulating the use of the CBDC in a closed-loop environment.

Taipei, Taiwan / Image by: Wikimedia Commons

Thu, 30 Jun 2022, 22:28 pm UTC

While Taiwan’s central bank is currently working on the development of its central bank digital currency (CBDC), it is yet unclear when it will be rolled out to the public. A bank official estimated that it might need at least two more years before it can be deployed as there are some tasks ahead that will take some time to be completed.

Some two years after work on Taiwan’s central bank digital currency (CBDC) commenced, the governor of the country’s central bank, Yang Chin-long, recently revealed that his organization is still working on the project. Yang warned the central bank may need as long as two years to complete the task.

Central Bank of the Republic of China (Taiwan) governor Yang Chin-long recently made an update on his organization’s CBDC project in his speech at a forum on digital currencies. According to the bank official, the central bank’s team has been simulating the use of the central bank digital currency in a closed-loop environment, Reuters reported.

According to the central bank governor, the project is still facing three major tasks that will take some time to complete. These are communicating with the public to win their support, ensuring that the system is stable, and building the CDBC’s legal framework.

The bank official estimated that it would take at least a couple of years to complete these major tasks. “This will take a long time, at least two years, and then we'll have to evaluate it again,” Yang Chin-long said.

However, Yang added that he won’t be surprised if the project’s completion takes more than two years given its huge scale and its complexity.

He added that the Taiwanese people are more accustomed to using cash. However, Yang believes that future generations are likely to be more open to using digital currencies than cash.

“We still have to push forward. After all, most of the young people in the future will use mobile phones, so we have to think about the next generation,” the central bank governor said.

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