Taiwan has built a potential prototype platform. Central bank digital currency. Plans As central banks continue to research and develop CBDCs, they will hold several hearings and forums over the next year.
Taiwan’s central bank governor Yang Jin-long said in a research paper released on Sunday that building a digital currency is not an international competition and the central bank has not yet set a firm timeline for issuing a CBDC. report At the completion ceremony of the Central News Agency.
According to The Block, Prime Minister Yang is scheduled to present a report on the progress of CBDC development to Taiwan’s legislature, the Legislative Yuan, on Wednesday, the office of the legislature’s finance committee chairman said.
The report said the central bank has developed a CBDC prototype platform with a two-stage issuance structure. According to the report, the CBDC will initially be interest-free and CBDC wallets could be anonymous and registered.
In the retail sector, the central bank said its prototype platform has increased processing speeds to 20,000 transactions per second. The central bank also plans to develop a CBDC at the wholesale level, which could be used as a clearing asset for asset tokenization.
Taiwan began researching a CBDC in 2019 and has completed two phases of testing. The central bank has taken a “cautious approach” to issuing a potential CBDC, its governor said.
The central bank added that cryptocurrencies and stablecoins are not part of the CBDC research, as these assets are separate from the digital currency system. The cryptocurrency industry remains largely unregulated in Taiwan, with financial regulators requiring cryptocurrency service providers to comply with anti-money laundering laws.
Last month, the local cryptocurrency sector officially Establish an industry association Formulate self-supervision rules in accordance with government guidelines. The Department of Justice also Proposed Amendment Under existing AML laws, domestic and foreign cryptocurrency companies wishing to operate in Taiwan are required to register for AML compliance. Failure to do so may result in imprisonment of up to two years.
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