The Central Bank of Taiwan is Developing its National Digital Currency (CBDC)

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Yang Chin-long, the head of the Central Bank of Taiwan, has said that the regulator is still working on a national digital currency (CBDC) and that it is too early to talk about the exact timing of its release, Reuters has reported.

According to him, the bank has been working on a pilot CBDC project for the past two years. He has said that the main use of the asset is to allow payments and settlements without using a debit or credit card.

Chin-long has outlined three main tasks regarding the CBDC during the forum dedicated to digital currencies, which are the interaction with the public and receiving feedback, the creation of a stable system and the formation of a legal framework for operations with the asset.

He has added:

“It will take a long time, at least two years. Then we will have to conduct testing again.”

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