Taiwan’s central bank emphasizes careful planning and public awareness over rushing the launch of a Central Bank Digital Currency （CBDC）.
Points
- Taiwan’s central bank is proceeding cautiously with CBDC adoption.
- No specific timetable for the CBDC launch due to complexity and need for public awareness.
- The focus is on enhancing financial infrastructure efficiency and inclusivity.
- Existing digital payment solutions already fulfill some intended benefits of CBDCs.
Taiwan’s central bank is taking a cautious approach toward the potential introduction of a Central Bank Digital Currency （CBDC）, emphasizing the importance of careful planning and public awareness. The country’s apex financial institution recently stressed that it lacks a specific timetable for launching a CBDC, highlighting the complexities involved.
According to Yang Chin-long, President of the Central Bank of the Republic of China, the objective is not to be the first to launch a CBDC but to ensure the technology genuinely enhances the financial infrastructure’s efficiency and inclusivity. This perspective comes amid growing global interest in CBDCs, with various nations experimenting with their digital currency implementations.
CBDCs: Trends and Risks
Currently, three countries—the Bahamas, Jamaica, and Nigeria—have fully launched their CBDCs. Additionally, 53 countries are in advanced planning stages, while 46 others are actively researching the concept. In regions like the Middle East and Central Asia, 19 out of 31 countries are exploring CBDCs, driven by objectives such as boosting cross-border payment efficiency, particularly among oil exporters and Gulf Cooperation Council nations like Bahrain, Saudi Arabia, and the UAE.
However, adopting CBDCs necessitates careful deliberation due to potential risks such as bank runs, susceptibility to cyber threats, and complex regulatory challenges involving privacy and anti-money laundering measures. Cross-border CBDC initiatives like mBridge, involving central banks from China, Thailand, Hong Kong, and the UAE, are also progressing through pilot phases.
Despite the momentum in CBDC adoption, existing digital payment solutions already fulfill some intended benefits, suggesting that a cautious and well-planned approach is prudent.
解説
- Taiwan’s measured approach to CBDC adoption reflects a broader trend of prioritizing stability and public trust over rapid implementation in the financial sector.
- The emphasis on public awareness and education highlights the central bank’s commitment to
ensuring that any potential CBDC implementation is well-understood and supported by the public.
– The global landscape of CBDC development is diverse, with varying levels of progress and differing motivations driving adoption in different regions.
– The risks associated with CBDCs, such as cyber threats and regulatory complexities, underscore the need for thorough planning and robust security measures.
– Taiwan’s focus on leveraging existing digital payment solutions indicates a strategic approach to enhancing financial infrastructure without rushing into new technologies.