Taiwan Central Bank: national digital currency should not be expected in the near future

Taiwan Central Bank: national digital currency should not be expected in the near future

The new Governor of the Central Bank of Taiwan has stated that crypto-currencies have become a tool of speculation and do not perform their function of means of payment.

Earlier this year, as Deputy Governor of the Central Bank of Taiwan, Yang Chin-long said that the Central Bank has begun to evaluate the benefits and weaknesses of cryptocurrencies, which could be issued by the Central Bank.

According to local newspaper the Apple Daily, today during a meeting with lawmakers, he stated that crypto-currencies do not perform their original function of means of payment. Although the idea of cryptocurrency and attracted a new Manager, but the fact that they turned into a product extraordinary volatility due to market speculation is depressing.

The Central Bank currently monitors experiments conducted in other regions, and “sets of independent experiments” in this area, but one can hardly expect a digital release of the Taiwan dollar in the near future.

On February 27 in his inaugural speech the new Manager also said that his Ministry will use new technologies such as the blockchain, to improve the efficiency of banking activities in the country.

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