Taiwan’s central bank has completed a feasibility study to launch a wholesale central bank digital currency (CBDC). Deputy Governor Mi Lizhou said on December 7 that the central bank is seeking feedback from companies and academics and will continue to work on the design of the platform.
In a lengthy speech at an event for bankers, Zhu outlined what he called “Banking 4.0,” or “services integrated into customers’ daily lives,” which includes integrating artificial intelligence, mobile technology and advanced digital transformation into banking. He spent about half of his show talking about central bank digital currencies.
Zhou pointed to research conducted by the Bank for International Settlements and said he saw advantages for central bank digital currencies and asset tokenization in the real world. next to:
“A digital currency issued by a central bank with final settlement can serve as an operational basis for tokenization.”
In particular, Zhu mentioned unified ledger technology. Unified Ledger, as the name suggests, uses a single ledger in a “partitioned data environment” to achieve interoperability between systems.
According to Taiwan’s CBDC Tracker website Get started Researching a CBDC in 2020. It is continuing to develop a retail CBDC and has already tested a retail CBDC in a pilot project with consumers and five commercial banks.
today #financial technology The brief includes Palau’s Ministry of Finance on proof of concept for a stablecoin, and Taiwan’s central bank on wholesale operations #CBDC Feasibility study, and the Basel Committee expressing its approval for cryptocurrencies based on permissionless blockchain technology. https://t.co/sLIX5ZBXg2 pic.twitter.com/8qTY4QJqCH
—John Kiff (@Kiffmeister) December 8, 2023
Chu said bank disintermediation and interoperability with other payment systems were prominent topics in Taiwan’s investigation into central bank digital currency. Zhou added that the central bank is taking a “conservative” approach towards further development of the CBDC without a timeline for a decision.
In addition, Taiwan’s Fubon Bank has partnered with Ripple and the Hong Kong Monetary Authority in a reverse mortgage pilot project using the digital Hong Kong dollar. It has also integrated China’s digital yuan into its platform.
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