Taiwan Set to Test CBDC by Year-End, Says Official

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Taiwan Set to Test CBDC by Year-End, Says Official

Taiwan is making a significant step towards a ce­ntral bank digital currency (CBDC) by planning to test a prototype within the­ government’s upcoming digital voucher syste­m. On July 10, 2024, central bank governor Chin-Long Yang announced this de­velopment, which could potentially transform the­ island nation’s financial landscape.

Digital Voucher System for CBDC

While the CBDC prototype itself won’t utilize blockchain or smart contracts, it will improve the infrastructure of the digital voucher program currently under development by the Ministry of Digital Affairs. This collaboration signifies a strategic approach, potentially using the voucher system as a springboard for broader CBDC implementation.

Governor Yang highlighted the future potential for various government...


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Taiwan Set to Test CBDC by Year-End, Says Official