“… it is imperative for
central banks to closely monitor the developments of CBDCs and the applicability of related
technologies. Therefore, the Bank organized a research team in May 2019 to investigate the ongoing
development of technologies regarding CBDCs, blockchain, and electronic payments.” CBC
The Central Bank of the Republic of China (Taiwan) maintains monetary policy in Taiwan.
The currency is the Taiwan Dollar (TWD).
Taiwan has a large GDP (about 22nd in the world) with 633 billion USD.
The CBC has considered the matter of CBDCs and stated their is a need to research the matter; hence a research team was formed at the CBC in 2019.
94 percent of people have bank accounts and Internet usage is 86 percent.
Hence the core factors exist for Taiwan to adopt CBDCs.