Taiwan’s central bank is yet to conclude work on its central bank digital currency (CBDC) and according to the bank’s governor, the institution may need two more years to finish its work, a report has said. Some of the bank’s next tasks include winning the public’s support, ensuring the system is stable, and building the currency’s legal framework.
Simulating CBDC use
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 said that the task could take up to two years for the central bank.
Yang also spoke at a forum for digital currencies. He revealed that the central banks had been modeling the CBDC’s use in what Reuters described as a closed-loop setting. According to the report, three tasks are now facing the central banking. These include communicating and ultimately winning the public’s support, ensuring the system is stable, and building the currency a legal framework.
The governor acknowledged that this process could last longer than expected, according to the report.
Yang explained that although Taiwanese citizens are said to prefer cash to physical money, Yang pointed out that the central bank needed to take into account the possibility of future generations using digital currencies to replace 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,” Yang is quoted in the report explaining.
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