Taiwan’s Central Bank President Yang Jinlong emphasizes a cautious approach to CBDC development, focusing on innovation and efficiency over speed. Plans include a digital New Taiwan Dollar and applying tokenization technology.
The central bank mentioned handling government tenders through special purpose tokens to improve operational efficiency using smart contracts for bids and performance bonds.
Yang stated that being the first to introduce a CBDC does not guarantee success, as countries that have already issued or tested CBDCs have not seen the desired outcomes, according to a July 7 newsIn his written report released today, before his presentation to the Finance Committee of the Legislative Yuan on Wednesday, Yang outlined the central bank’s plans for the digital New Taiwan Dollar.
One significant development is the CBDC prototype platform designed for retail payments. According to Yang, this platform can already support the cash flow operation of digital coupons, with transaction processing speeds reaching 20,000 transactions per second .
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