Taiwan’s central bank stated on Sunday that it does not presently have a deadline for the introduction of a digital currency in order to increase awareness, noting the “huge and complex” nature of the process.
In order to raise awareness, Taiwan’s central bank announced on Sunday that it does not currently have a timeline for the introduction of a digital currency, citing the “huge and complex” nature of the process. Nevertheless, it will hold public hearings on the subject in the upcoming year. The goal of Taiwan’s central bank’s pilot program is to enable the use of a digital wallet for payments without the need for a debit or credit card.
“Although the bank currently has no timetable for issuing central bank digital currency, in the process of continuous research and experimentation, it is already improving the processing efficiency and innovative application of the payment system,” according to a report submitted to parliament. Prior to its governor Yang Chin-long fielding questions from lawmakers on Monday, the bank announced that public hearings and forums will be held in the upcoming year to increase public awareness of the currency, given that its debut will have a significant impact on a large number of people.
It said, “The promotion of digital currency issued by central banks is a massive and intricate undertaking that will require a long time to complete. According to March research, 134 nations—representing 98% of the world economy—are currently investigating digital versions of their national currencies, with more than half of them in advanced development, pilot, or launch stages. Proponents claim that digital currencies will offer an alternative to cash and additional capabilities. However, they have also stoked demonstrations about the possibility of government spying in some nations.
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