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Taiwan completes trials of its prototype CBDC for retail use

Taiwan has completed trials of its prototype central bank digital currency (CBDC) in technical simulations, paving the way for the distribution of the digital currency to the public for retail use.

See related article: Crypto is based on the greater fool theory: Philippines’ incoming central bank chief

Fast facts

  • Taiwan started to study and test a retail CBDC in September 2020, and the central bank has engaged with at least five commercial banks in Taiwan to develop a retail payment system, central bank governor Chinlong Yang said on Wednesday.

  • In an ideal scenario, the central bank would offer the CBDC to banks, which then distribute the digital currency to the public for retail use, the official said.

  • Yang said the central bank will only plan an official issuance after it is able to educate the public on purported benefits, draw up regulations and set a sound legal framework in place.

  • In July 2021, Taiwan enacted anti-money laundering rules for cryptocurrency service providers, but the crypto industry remains largely unregulated.

See related article: RBI to gradually launch India’s CBDC in FY23: deputy governor