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Taiwan's central bank confirmed on Sunday there is no set timetable for its CBDC launch, highlighting the complexity of the process and planning public hearings next year.
Challenges in Digital Currency Implementation
Sunday, Taiwan's central bank announced that it does not yet have a plan for when to introduce a digital currency, citing the "huge and complex" nature of the process, according to Reuters. However, the bank did promise to hold public hearings on the subject next year in an effort to educate the public.
To facilitate digital wallet-based payment systems that do not rely on traditional payment methods, the central bank of Taiwan has been developing a trial version of a government-run digital currency.
"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," it stated in a report that was submitted to parliament.
Upcoming Public Hearings
Per XM, prior to its governor, Yang Chin-long, fielding questions from lawmakers on Monday, the bank announced that public hearings and forums will be held next year to increase awareness of the currency and its debut because of the large number of people it will affect.
"The promotion of central bank digital currency is a huge and complex project that will need to be carried out for a long time," according to the statement.
Widespread International Interest
According to a research that was published in March, a total of 134 countries, which account for 98% of the global economy, are currently investigating electronic versions of their currencies. More than half of these countries are either in the advanced development, pilot, or launch stages of the process.
Proponents of digital currencies argue that they will offer an alternative to traditional cash and open the door to new functionalities. However, they have also been a source of fuel for protests in a number of nations on account of the possibility of government surveillance.
