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Taipei: Taiwan’s central bank said on Sunday it has no timetable for launching a digital currency and warned the process would be “massive and complicated”, but will hold public hearings on the matter next year to spread knowledge.
Taiwan’s central bank has been piloting a government-run digital currency that would allow people to use digital wallets instead of debit or credit cards to make payments.
“Although the bank currently has no timetable for issuing a central bank digital currency, it is already improving the processing efficiency and innovative applications of the payment system during its continuous research and experimentation,” the bank said in its report to parliament.
Central bank Governor Yang Jinlong, who will take questions from lawmakers on Monday, said that given the launch of the new currency will affect many people, extensive publicity is necessary and that public hearings and forums will be held next year to promote understanding of the new currency.
The article added: “The promotion of central bank digital currency is a huge and complex project that requires long-term advancement.”
A total of 134 countries, representing 98% of the global economy, are currently exploring digital versions of their national currencies, with more than half of them in the advanced development, pilot or launch stages, according to a study published in March.
Supporters say digital currencies will bring new features and offer an alternative to cash. But they have also sparked protests in several countries over concerns that governments could spy on them.
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