Taiwan Central Bank Governor Yang Jinlong emphasized that developing a central bank digital currency (CBDC) is not a race and that the central bank is focusing on steady progress rather than speed. Yang noted that being the first to introduce a CBDC does not guarantee success.

In his written report published today, Yang explained the Central Bank's digital New Taiwan Dollar plans. The central bank is experimenting in three scenarios to increase domestic payment efficiency and innovation. While there is no timeline for the issuance of CBDC, efforts to improve the payment system's transaction efficiency and innovative applications are ongoing.

The central bank has developed a CBDC prototype platform designed for retail payments. According to Yang, this platform can already support the cash flow operation of digital coupons, and transaction processing speeds can reach 20,000 transactions per second (TPS).

The central bank is working on a proof-of-concept for wholesale CBDC. This initiative aims to create a future digital currency system by combining CBDC with bank deposit tokens.

The central bank plans to digitally transform wholesale central bank currency and commercial bank currency by applying tokenization technology. This platform will be tested in three scenarios such as interbank transfer of bank deposit tokens, simultaneous delivery of asset tokens (DVP) and special purpose digital money.

Yang reiterated that Taiwan's cautious approach to CBDC issuance aims to meet the public's digital payment needs and align with the government's digital policy goals. What do you think these developments mean about the future of digital currencies? We are waiting your comments.#blockchain#crypto #Taiwan