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Taiwan’s digital currency faces major challenges

The central bank of Taiwan is facing three major tasks while it is working on its digital currency, making it unclear when the scheme could roll out to the public, said Governor Yang Chin-long. These include communicating with the public and winning their support, ensuring the system’s stability, and building the legal framework for the currency’s operations. Taiwanese people are accustomed to using cash but Yang said they still have to push forward and think about the next generation when most of the young people in the future will use mobile phones. According to the Atlantic Council, ten countries have already launched central bank digital currencies, and another 105 countries are exploring the option.

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