Yang Chin-long warned the central bank may need as long as two years to complete its work on the CBDC. digitalcurrency centralbank
Taiwan’s central bank is yet to conclude work on its central bank digital currency 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.
Yang, who spoke at a digital currencies forum, also disclosed the central bank had been simulating the use of the CBDC in what a Reuterscalled a closed-loop environment. However, the same report said the central bank now faces three key tasks. These include communicating and ultimately winning the public’s support, ensuring the system is stable, and building the currency a legal framework.
According to the report, the governor also conceded that the entire process may last more than the anticipated two-year period. While the Taiwanese people are reported to be more accustomed to using cash, Yang said the central bank had to consider the fact that future generations will likely use digital currencies more than they use physical 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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