Taiwan c.bank says it is working on digital currency, timeline unclear

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A policeman stands next to the Taiwanese Central Bank logo in Taipei, Taiwan February 26, 2018. REUTERS/Tyrone Siu

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TAIPEI, June 29 (Reuters) – Taiwan’s central bank is still working on its digital currency and while it’s unclear when the program could be rolled out to the public, it will continue with it, Governor Yang Chin- said on Wednesday. long.

Taiwan’s central bank has been working on a government-run digital currency pilot project for two years, to allow people to use a digital wallet and make payments without using a debit or credit card.

Speaking at a forum on digital currencies, Yang said he simulated the use of central bank digital currency, or CBDC, in a closed-loop environment.

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The central bank then faces three major tasks, he added: communicating with the public and winning their support, ensuring the stability of the system and building the legal framework for currency operations.

“It will take a long time, at least two years, and then we will have to assess it again.”

As this is a huge project, it is not certain that even in two years the CBDC platform can be completed, Yang said.

Taiwanese are also used to using cash, he added.

“We still have to move forward. After all, most young people in the future will be using mobile 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 this option, according to the Atlantic Council.

US Federal Reserve Chairman Jerome Powell said earlier this month that developing an official digital version of the dollar could help preserve its global dominance as other countries issue theirs. Read more

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Reporting by Liang-sa Loh; Written by Ben Blanchard; Editing by Sam Holmes

Our standards: The Thomson Reuters Trust Principles.

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