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Report: Taiwan’s Central Bank May Need 2 Years To Complete Work On CBDC

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Report: Taiwan’s Central Bank May Need 2 Years To Complete Work On CBDC

Taiwan’s central bank is yet to conclude work on its central bank digital currency (CBDC) and according to the bank’s governor, the institution may need two more years to finish its work, a report has said. Some of the bank’s next tasks include winning the public’s support, ensuring the system is stable, and building the currency’s legal framework.

Simulating Use of the CBDC

Some two years after work on Taiwan’s central bank digital currency (CBDC) commenced, the governor of the country’s central bank, Yang Chin-long, recently revealed that his organization is still working on the project. Yang warned the central bank may need as long as two years to complete the task.

Yang, who spoke at a digital currencies forum, also disclosed the central bank had been simulating the use of the CBDC in what a Reuters report called a closed-loop environment. However, the same report said the central bank now faces three key tasks. These include communicating and ultimately winning the public’s support, ensuring the system is stable, and building the currency a legal framework.

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According to the report, the governor also conceded that the entire process may last more than the anticipated two-year period.

While the Taiwanese people are reported to be more accustomed to using cash, Yang said the central bank had to consider the fact that future generations will likely use digital currencies more than they use physical cash.

“We still have to push forward. After all, most of the young people in the future will use mobile phones, so we have to think about the next generation,” Yang is quoted in the report explaining.

What are your thoughts on this story? Let us know what you think in the comments section below.

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Reserve Bank Of India Is Working On ‘Phased Implementation’ Of Central Bank Digital Currency

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Reserve Bank Of India Is Working On ‘Phased Implementation’ Of Central Bank Digital Currency

India’s central bank, the Reserve Bank of India (RBI), is working on a “phased implementation of a central bank digital currency (CBDC) in both wholesale and retail segments.” Necessary amendments have been made to the RBI Act, 1934 to allow the central bank to pilot and issue a digital currency.

India’s Central Bank Digital Currency to Be Implemented in Phases

A Reserve Bank of India (RBI) official and the minister of state in the Ministry of Finance have independently provided an update on the central bank’s progress in issuing a central bank digital currency (CBDC).

RBI Executive Director Ajay Kumar Choudhary was quoted by local media as saying during a keynote address at the PICUP Fintech Conference and Awards on Wednesday:

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RBI is working on phased implementation of a central bank digital currency (CBDC) in both wholesale and retail segments.

Pankaj Chaudhary, minister of state in the Ministry of Finance, similarly told Rajya Sabha, the upper house of India’s parliament, Tuesday that the “RBI has started the work for a phased implementation of the announcement made … in the budget speech 2022-23.”

Indian Finance Minister Nirmala Sitharaman announced the launch of the country’s CBDC in the Union Budget 2022-23. Necessary amendments were subsequently made to the RBI Act, 1934 with the passage of the Finance Bill 2022 to allow the central bank to pilot and issue a CBDC.

In June, RBI Deputy Governor T. Rabi Sankar said the central bank believes that “CBDCs would actually be able to kill whatever little case there could be for private cryptocurrencies.” The Indian government and the central bank refer to non-state-issued cryptocurrencies, including bitcoin (BTC) and ether (ETH), as private cryptocurrencies. The RBI also warned in May that crypto could lead to the dollarization of a part of the Indian economy.

Earlier this month, RBI Governor Shaktikanta Das said: “Cryptocurrencies are a clear danger. Anything that derives value based on make-believe, without any underlying, is just speculation under a sophisticated name.”

The Indian central bank has repeatedly stated that cryptocurrencies should be prohibited. However, the country’s finance minister told parliament earlier this week that “any legislation for regulation or for banning can be effective only after significant international collaboration on evaluation of the risks and benefits and evolution of common taxonomy and standards.”

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What do you think about how the RBI plans to implement a CBDC? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Harvard Professor Rogoff: Central Banks, Governments Are ‘Way Behind The Curve’ In Regulating Cryptocurrencies

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Harvard Professor Rogoff: Central Banks, Governments Are ‘Way Behind The Curve’ In Regulating Cryptocurrencies

Harvard Professor of Economics and former chief economist at the International Monetary Fund (IMF) Kenneth Rogoff says central banks and governments are “way behind the curve” in regulating cryptocurrencies. He added that officials throw out the idea of having central bank digital currencies (CBDCs) “to distract the conversation.”

Harvard’s Professor on Cryptocurrency Regulation

American economist Kenneth Rogoff discussed cryptocurrency regulation and central bank digital currencies (CBDCs) in an interview with Bloomberg Monday. Rogoff is the Thomas D. Cabot Professor of Public Policy and a professor of economics at Harvard University. He also served as chief economist at the International Monetary Fund (IMF) from 2001–2003.

The Harvard professor described:

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I think central banks are way behind the curve, and governments in general, in regulating cryptocurrencies. They throw out the idea of having CBDCs to distract the conversation.

Commenting on the U.S. issuing a digital dollar, he opined: “At the moment, if you think about the United States issuing a CBDC, you have to ask why they’re doing it. Because we can accomplish a lot of things the same way in the current system by making tweaks.”

The economic professor explained that if the Federal Reserve “did it too well,” and there is a “retail central bank digital currency,” then “There’d be massive disintermediation that we’re probably not ready to handle,” he warned.

Professor Rogoff continued: “I think there are small central banks that want to issue a CBDC hoping they’ll get some of the kind of business that crypto gets.”

When asked why central banks and governments are delaying regulating cryptocurrencies, Rogoff replied: “I think it feels like the 1990s and early 2000s to me when the financial system was inventing all these clever new financial engineering devices and saying … ‘catch me if you can,’ ‘regulate me if you can.’”

He concluded:

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I hear very much the same things from the young cryptocurrency pioneers and there are a lot of ideas. But they are wrong that they can’t be regulated.

Rogoff has long been a bitcoin skeptic. He previously cautioned that governments and central banks will never allow BTC to go mainstream. In 2018, he said the cryptocurrency was more likely to be worth $100 than $100K a decade from then. “Basically, if you take away the possibility of money laundering and tax evasion, its actual uses as a transaction vehicle are very small,” the former IMF chief economist opined.

What do you think about the comments by Harvard Professor Rogoff? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Atlantic Council

105 Countries Are Exploring Central Bank Digital Currencies, CBDC Tracker Shows

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105 Countries Are Exploring Central Bank Digital Currencies, CBDC Tracker Shows

There are now 105 countries that are exploring central bank digital currencies (CBDCs). Among them, 50 countries are in an advanced phase of digital currency exploration (development, pilot, or launch).

105 Countries Are Exploring CBDCs

The Atlantic Council’s Geoeconomic Centre has released a major update to its Central Bank Digital Currency (CBDC) Tracker. According to the tracker:

105 countries, representing over 95 percent of global GDP, are exploring a CBDC … A new high of 50 countries are in an advanced phase of exploration (development, pilot, or launch).

Furthermore, the tracker details that “10 countries have fully launched a digital currency, with China’s pilot set to expand in 2023.”

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Among the G20 countries, 19 are exploring a CBDC, with 16 already in the development or pilot stage. They include South Korea, Japan, India, and Russia.

Last month, the Bank of International Settlements (BIS) released a report stating that 9 out of 10 central banks globally are exploring CBDCs. The BIS said, “the emergence of stablecoins and other cryptocurrencies have accelerated the work on CBDCs.”

Some countries are further ahead than others, such as China. The Chinese central bank, the People’s Bank of China (PBOC), has been actively testing and giving away its digital yuan.

India is also actively working on its digital rupee. The Indian central bank, the Reserve Bank of India (RBI), said it will take a “graded approach” to launching a CBDC. The central bank is expected to introduce the digital currency this financial year. This week, an RBI official stated that CBDCs could kill cryptocurrencies like bitcoin and ether.

What do you think about 105 countries exploring CBDCs? Let us know in the comments section below.

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Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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