Taiwan’s c. bank puts digital currency launch on hold

The Central Bank of Taiwan (CBC) has no specific timeline for launching a digital currency due to its complexity. Public hearings are planned for 2025 to educate the public about the potential central bank digital currency (CBDC).

The CBC has been piloting a government-issued digital currency that would allow users to make payments electronically through digital wallets, by passing traditional debit and credit cards.

The central bank reported that ongoing research and experimentation are enhancing the payment system’s efficiency and driving innovation in its applications, although a launch date is still uncertain.

The rollout of a central bank digital currency is a complex process that requires a long-term commitment, according to the CBC.

A recent study found that 134 countries, accounting for 98 per cent of the global economy, are investigating digital currency options. Many of these projects are in advanced stages or already launched.

Digital currencies offer new features and an alternative to physical cash, but concerns about government surveillance have led to protests in some nations.

Attribution: Reuters