Taiwan Central Bank Chief Cautious On Central Bank Crypto

March 15, 2018 3:41 pm Published by

Taiwan’s new central bank governor has said speculation has interrupted the original role envisioned as a payments tool, CoinDesk reported Thursday.

Earlier this year, while working as deputy chief of the central bank, Yang Chin-long said the central bank has started evaluating both of the benefits and challenges of a central bank-issued cryptocurrency, the report said.

On Thursday, speaking to lawmakers at a meeting with the island’s legislative arm, he argued cryptocurrencies are not fulfilling their originally intended function in payments, Taiwan’s Apple Daily reported.

Although Yang had “wanted to go in that direction,” the report said, cryptocurrencies have since become a commodity with extreme volatility because of market speculation, he said.

The central bank, CoinDesk reports, is now observing experiments conducted in other regions and “doing experimentation,” but “we can’t go as far as announcing we plan to issue digital New Taiwan dollar yet,” he said.

CoinDesk reports upon his Feb. 27 inauguration speech, the new governor also suggested his agency would utilize emerging technology – such as blockchain – to improve banking efficiency under his tenure.

WN.com, Jack Durschlag

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