Taiwan’s central bank announced on Sunday that there is no set timetable for launching a digital currency, describing the process as “huge and complex.” The bank plans to hold public hearings next year to spread awareness about the initiative.
The central bank has been developing a pilot for a government-run digital currency, which would enable people to use a digital wallet and make payments without relying on debit or credit cards.
In a report to parliament, the bank stated, “Although there is currently no timetable for issuing a central bank digital currency, ongoing research and experimentation are already enhancing the processing efficiency and innovative applications of the payment system.”
The bank emphasized the importance of widespread communication about the currency’s launch, given its potential impact on many people. Public hearings and forums are scheduled for next year to educate the public about the digital currency, the bank noted, ahead of Governor Yang Chin-long’s session with lawmakers on Monday.
“The promotion of a central bank digital currency is a large and intricate project that will require extensive time and effort,” it added.
According to a study released in March, 134 countries, representing 98% of the global economy, are currently exploring digital versions of their currencies, with over half in advanced development, pilot, or launch stages.
Proponents argue that digital currencies will offer new functionalities and serve as an alternative to physical cash. However, they have also sparked protests in several countries over concerns about potential government surveillance.
