We’re inching toward central bank digital currencies (CBDCs) making the leap from concept to reality, but speed bumps (as you might call them) abound.
China still has the lead in developing and deploying CBDCs, while other nations are in varying stages of discussion and development. But at least a few nations are in no rush to get those digital currencies into the field.
In one example, the Taiwanese central bank has noted that its own version of a digital fiat, known as “govcoin,” as Taiwan News reported, is an eventuality, but is not yet ready to be rolled out — and there is no timetable in place. “There is no point in rushing to launch the country’s own digital currency if it won’t make a better financial system [or make] our life easier,” Taiwan Central Bank Governor Yang Chin-long said, per the site. The bank’s “initial plan,” as the outlet reported, is to get individuals to open a “govcoin” wallet with their own bank accounts.
“The central bank digital currency would only become a redundant option if it doesn’t have more strengths than the existing electronic money,” said the bank governor.
Other nations seem relatively poised to embrace CBDCs.