The Central Bank of the Republic of China mentioned handling government tenders through special purpose tokens to improve operational efficiency using smart contracts for bids and performance bonds.
The President of the Central Bank of the Republic of China, Yang Chin-long, said that developing a central bank digital currency (CBDC) is not a competition and that the central bank is focused on steady progress over speed.
Yang stated that being the first to introduce a CBDC does not guarantee success, as countries that have already issued or tested CBDCs have not seen the desired outcomes, according to a July 7 news report by UDN.
In a report released on June 7 before his presentation to the Finance Committee of the Legislative Yuan on Wednesday, June 10, Yang outlined the central bank’s plans for a digital New Taiwan dollar.
