The East Asian country, Taiwan has reportedly completed the trials of its prototype central bank digital currency (CBDC) in technical simulations, paving the way for the distribution of the CBDC to the general public for daily retail use.
Taiwan began to study and test a retail CBDC during September 2020, and the central bank has collaborated with at least five commercial banks in Taiwan to build a retail payment system, stated Chinlong Yang the governor of the central bank.
In an ideal scenario, the central bank would offer the CBDC to other banks, which will further distribute the digital currency to the public for retail use, the official explained.
Yang said that the central bank won’t consider planning an official issuance until it can inform the public about the benefits, create rules, and establish a solid legal foundation.
Also Read: Taiwan’s Central Bank Warns Citizens about NFTs
Taiwan implemented anti-money laundering regulations for cryptocurrency service providers in July 2021, but the crypto market is still mostly uncontrolled.
