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🟠TAIWAN CENTRAL BANK PLANS CBDC

🟠TAIWAN CENTRAL BANK PLANS CBDC

Day: 08 | Time: 11:43:51 The Central Bank of Taiwan has developed a prototype for a possible Central Bank Digital Currency (CBDC). The central bank has planned hearings and forums for next year to further study and develop the CBDC. The governor of the central bank has stated that the creation of a digital currency is not an international competition and that a timeline for the issuance of the CBDC has not yet been established. The prototype features a two-tier issuance system and CBDC wallets could be either anonymous or registered. The central bank has also increased transaction processing speeds to 20,000 per second. The CBDC could also be used as collateral for tokenizing assets. The central bank has emphasized that the CBDC does not include cryptocurrencies and stablecoins. The cryptocurrency sector in Taiwan is largely unregulated, but a sector association has been established to formulate autonomous rules. The government has also proposed amendments to existing anti-money laundering laws that would require both domestic and foreign cryptocurrency companies to register for AML compliance.

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