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Taiwan\u2019s central bank is yet to conclude work on its central bank digital currency (CBDC) and according to the bank\u2019s governor, the institution may need two more years to finish its work, a report has said. Some of the bank\u2019s next tasks include winning the public\u2019s support, ensuring the system is stable, and building the currency\u2019s legal framework.<\/strong><\/p>\n Some two years after work on Taiwan\u2019s central bank digital currency (CBDC) commenced, the governor of the country\u2019s central bank, Yang Chin-long, recently revealed that his organization is still working on the project. Yang warned the central bank may need as long as two years to complete the task.<\/p>\n Yang, who spoke at a digital currencies forum, also disclosed the central bank had been simulating the use of the CBDC in what a Reuters report<\/a> called a closed-loop environment. However, the same report said the central bank now faces three key tasks. These include communicating and ultimately winning the public\u2019s support, ensuring the system is stable, and building the currency a legal framework.<\/p>\n<\/p>\n According to the report, the governor also conceded that the entire process may last more than the anticipated two-year period.<\/p>\n While the Taiwanese people are reported to be more accustomed to using cash, Yang said the central bank had to consider the fact that future generations will likely use digital currencies more than they use physical cash.<\/p>\n \u201cWe still have to push forward. After all, most of the young people in the future will use mobile phones, so we have to think about the next generation,\u201d Yang is quoted in the report explaining.<\/p>\nSimulating Use of the CBDC<\/h2>\n