The President of the Central Bank of the Republic of China shared that developing a central bank digital currency (CBDC) is not a race. Instead, the central bank should prioritize steady progress over speed.
President Yang Jinlong highlighted that being the first to launch a CBDC does not guarantee success, as countries that have already issued or tested CBDCs have not achieved the expected outcomes.
Yang stated that the central bank is experimenting with three scenarios to boost domestic payment efficiency and innovation. There is no set timeline for issuing a CBDC but efforts to enhance and innovativate are ongoing.
One notable development is the CBDC prototype platform designed for retail payments. Yang mentioned that this platform could handle the cash flow operation of digital coupons, with transaction speeds reaching 20,000 transactions per second.
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Yang reiterated that Taiwan’s cautious approach to issuing a CBDC is meant to meet public digital payment needs and align with government digital policy goals, ensuring significant benefits.
In March, the Financial Supervisory Commission announced plans to propose new digital asset regulations for Taiwan by September 2024, aiming to create more effective regulations for digital asset markets and ensure investor safety.
North Carolina Vetoed The CBDC Ban Bill
North Carolina Governor Roy Cooper has rejected a bill banning the state from using a US Federal Reserve-issued CBDC. The bill had strong support from the state’s House of Representatives and Senate with a vote of 109-4 and 39-5 respectively.
Governor Cooper is criticized for deciding without putting “partisan politics aside”. The bill is said to benefit all North Carolina residents, but the Governor believes that the bill was too “premature, vague, and reactionary” to be signed into law.
Since the vote was more than three-fifths majority in both chambers, the North Carolina legislators could override Governor Cooper’s veto.
