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Report: Taiwan’s Central Bank May Need 2 Years to Complete Work on CBDC

Taiwan’s central bank is yet to conclude work on its central bank digital currency (CBDC) 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.

Some two years after work on Taiwan’s central bank digital currency (CBDC) commenced, the governor of the country’s central bank, Yang Chin-long, recently revealed that his organization is still working on the project. Yang warned the central bank may need as long as two years to complete the task.

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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