Taiwan's Central Bank to Trial CBDC Prototype by Year-End, Employing Digital Voucher System

IconCryptoNewsTerminal Staff10 Jul, 2024

cryptonews.jpg

Taiwan's Central Bank to Trial CBDC Prototype by Year-End, Employing Digital Voucher System

Taiwan's central bank is preparing to trial a prototype of its central bank digital currency (CBDC) by the end of this year. The prototype will reportedly be implemented via a "digital voucher" system, without the use of blockchain or smart contracts. Government agencies will reportedly issue digital vouchers and supervise their circulation. The move comes as central banks worldwide explore the potential of CBDCs. China has been at the forefront of CBDC development, having launched a pilot program in several cities. The European Central Bank is also reportedly considering launching a digital euro, while the Bank of England is exploring the possibility of a digital pound. Taiwan's CBDC prototype will be a significant step forward in the country's exploration of digital currencies. The trial will provide valuable insights into the potential benefits and challenges of CBDCs. It will also help Taiwan to stay at the forefront of global CBDC development.

Related News