According to Taiwan’s Central Bank Governor Yang Chin-long, the race to develop a digital currency (CBDC) is not a global competition, and being the first to launch does not guarantee success. He revealed that the Central Bank of the Republic of China (Taiwan) will conduct three scenario tests for the digital version of the New Taiwan Dollar. Although there is no set timeline for the issuance of CBDC, the bank is continuously improving the efficiency and innovative capabilities of its payment system. Yang stressed that the promotion of CBDC is a long-term endeavor, and the bank will ensure a steady progression towards the future digital transformation of currency, which in turn will contribute to the growth of Taiwan’s digital economy and digital finance.
