Taiwan central bank delays digital currency

Taiwan’s central bank has announced no set timeline for launching a digital currency, emphasising that the process will be extensive and complex. Despite this slackening, the bank plans to hold public hearings next year to educate the public about digital currency. The central bank has been developing a pilot program for a government-run digital currency to enable people to use digital wallets for payments without needing debit or credit cards.

In a report to parliament, the bank noted that while there is no timetable for issuing the digital currency, ongoing research and experimentation are already enhancing the payment system’s efficiency and innovation. The bank stressed the importance of widespread communication about the currency’s introduction, highlighting the need for public hearings and forums.

Why does it matter?

Globally, 134 countries, representing 98% of the world’s economy, are exploring digital versions of their currencies, with many in advanced development stages. Proponents argue that digital currencies offer new functionalities and alternatives to physical cash, though concerns about government surveillance have sparked protests in some countries.