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<ul>
 <li>Taiwan’s Central Bank is exploring special-purpose tokens for government tenders to improve transparency and streamline processes.</li>
 <li>Yang Chin-long emphasizes cautious CBDC development, prioritizing sustainable growth over being first-to-market.</li>
 <li>The CBDC prototype platform in Taiwan supports digital coupon transactions at speeds of up to 20,000 per second, enhancing retail payment efficiency.</li>
</ul>
<p>The Central Bank of the Republic of China is making major efforts to increase operational efficiency through digital transformation. UDN <a href="https://udn.com/news/story/7239/8079038?from=udn-ch1_breaknews-1-0-news" target="_blank" rel="noopener noreferrer nofollow">reported</a> on July 7 that the bank is adopting special-purpose tokens to handle government tenders. These tokens will utilize smart contracts for bids and performance bonds to streamline processes and enhance transparency.</p>
<p>Yang Chin-long, President of the Central Bank, underlined that establishing a <a href="https://www.investopedia.com/terms/c/central-bank-digital-currency-cbdc.asp" target="_blank" rel="noopener noreferrer nofollow">central bank digital currency (CBDC)</a> is geared toward steady growth rather than haste. Yang pointed out that being the first to introduce a CBDC does not ensure success, as many countries that have already issued or tested CBDCs have not seen the intended results.&nbsp;</p>
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   <p lang="en" dir="ltr">Taiwan's central bank is in no rush to launch a <a href="https://twitter.com/hashtag/CBDC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#CBDC</a>. President Yang Chin-long emphasizes steady progress over speed, stating that being first doesn't ensure success. <br><br>Current efforts focus on improving payment efficiency and innovation.<br><br> A CBDC prototype for retail payments… <a href="https://t.co/xg8IOxlfNV" rel="noopener noreferrer nofollow">pic.twitter.com/xg8IOxlfNV</a></p>— Nadir Emin (@Nadir_Emin_) <a href="https://twitter.com/Nadir_Emin_/status/1809967957721682097?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 7, 2024</a>
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<p>The central bank is testing three scenarios to <a href="https://cryptonewsland.com/hsbc-china-e-cny-integration-spearheads-e-cny-adoption-among-corporate-clients/" target="_blank" rel="noopener noreferrer nofollow">increase</a> domestic payment efficiency and creativity. Although there is no clear schedule for granting a CBDC, attempts to improve the payment system’s processing efficiency and new uses continue.&nbsp;</p>
<p>One major breakthrough is the CBDC prototype platform for retail payments. This technology supports the cash flow operation of digital coupons, with transaction processing speeds reaching 20,000 transactions per second.</p>
<p>Additionally, a proof-of-concept for a wholesale CBDC, which combines CBDC with bank deposit tokens to <a href="https://cryptonewsland.com/china-achieves-first-cross-border-precious-metals-settlement-using-e-cny-cbdc/" target="_blank" rel="noopener noreferrer nofollow">construct</a> a future digital currency system, is being developed. It aims to function as a liquidation asset for asset tokenization, where the central bank plans to apply tokenization technology to digitally transform wholesale central bank currency and commercial bank currency.&nbsp;</p>
<p>In order to further its objectives, Taiwan’s central bank is conducting proof-of-concept and collaborating with participating banks to build a common platform for tokenization. The platform will be tested in three scenarios which include inter-bank transfer of bank deposit tokens, simultaneous delivery of asset tokens, and special-purpose digital money.</p>
<p>In March, the Financial Supervisory Commission indicated it would present a revised draft of Taiwan’s digital asset legislation in September 2024. The project intends to provide more effective laws for digital asset markets while ensuring investor safety.</p>
<p>Taiwan’s central bank is making strides in the digital currency space as the country aims to enhance payment efficiency and innovation by focusing on steady progress and thorough experimentation.&nbsp;</p>
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<p>The post <a href="https://cryptonewsland.com/taiwans-central-bank-to-test-cbdc-in-three-scenarios-yang-jinlong/" rel="noopener noreferrer nofollow">Taiwan’s Central Bank to Test CBDC in Three Scenarios: Yang Jinlong</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Taiwan’s Central Bank to Test CBDC in Three Scenarios: Yang Jinlong

Crypto News Land

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