The Crypto Roundup: 08 July 2024 | CryptoCompare.com

The President of the Central Bank of the Republic of China (Taiwan), Yang Chin-long, has recently emphasized a focus on steady progress over speed in developing a central bank digital currency (CBDC).

Yang dismissed the notion of a race among countries to be the first to launch such a currency, citing the lack of clear success stories from those who have already done so. In a report released ahead of his presentation to the Finance Committee of the Legislative Yuan, President Yang outlined the central bank’s plans for a digital New Taiwan dollar.

The bank, per the report, is currently conducting experiments in three distinct scenarios, aiming to bolster domestic payment efficiency and foster innovation. While there currently isn’t a specific launch date for the CBDC, efforts to refine the payment system’s processing speed and explore innovative applications are ongoing.

A noteworthy development is the prototype platform designed for retail CBDC payments, which currently can support up to 20,000 transactions per second. Additionally, a proof-of-concept for a wholesale CBDC is in the works.

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• Source: https://www.cryptocompare.com/email-updates/daily/2024/jul/08/