Taiwan plans to conduct CBDC trials in three scenarios

Yang Jinlong, president of the Central Bank of Taiwan, said today that promoting the Central Bank Digital Currency (CBDC) is not an international competition, and CBDC does not have an advantage as a first mover. For example, the countries that have issued CBDC or conducted pilot projects have not developed as expected so far. He also revealed that the Central Bank will conduct three scenarios of experiments on the digital New Taiwan Dollar. Yang Jinlong revealed that the Central Bank is also improving the payment efficiency and innovation in the region during the research and experiment process. Although the Central Bank currently has no timetable for issuing CBDC, it has been improving the processing efficiency and innovative applications of the payment system during the continuous research and experiment process. For example, the CBDC prototype platform developed for retail payment can already support the financial flow of digital vouchers, and the number of transactions per second (TPS) has been increased to 20,000; in addition, the concept verification of wholesale CBDC is being planned, using wholesale CBDC as the clearing asset for asset tokenization, and combining the bank deposit token function to jointly build the future digital currency system. (United News Network)