Taiwan Central Bank is still working on a national digital currency (CBDC), it is too early to talk about the exact timing of its launch. This was stated by the head of regulator Yang Chin-long, Reuters reported.

According to him, the Central Bank has been working on a pilot CBDC project for the past two years. The official called its main task the ability to pay and make payments without using a debit or credit card.

During the forum devoted to digital currencies, Chin-long outlined three main tasks regarding CBDC:

• interacting with the public and receiving feedback;
• creation of a stable system;
• establishing a legal framework for transactions with the asset.

“It will take a long time, at least two years. Then we will have to test again, ”the head of the Central Bank emphasized.

He did not specify the exact timing of the CBDC’s launch, but noted that Taiwanese are used to paying cash.

“We still need to move forward. After all, in the future most of the young people will be using mobile phones, so we have to think about the next generation,” he said.

Previously, experts from the Bank for International Settlements (BIS) found that nine out of ten central banks worldwide are working on CBDC.

Recall that the BIS in its “Annual Economic Report” named national digital currencies as the basis for future innovative monetary systems.

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