The prototype Central Bank Digital Currency (CBDC) from Taiwan has completed tests in technological simulations, opening the door for the distribution of digital money to the general public for retail use. According to Central Bank Governor Chinlong Yang, Taiwan began studying and testing a retail CBDC in September 2020. The central bank has partnered with at least five Taiwanese commercial banks to create a retail payment system. The official stated that the ideal scenario would be for the central bank to provide banks with CBDC to distribute to the general population for retail use. According to Yang, the central bank won’t consider an official issuance until it can inform the public about the alleged advantages, create regulations, and establish a solid legal foundation. Taiwan to Introduce New AML Rules for Crypto Exchanges Taiwan implemented anti-money laundering regulations for cryptocurrency service providers in July 2021, but the crypto market is still primarily uncontrolled. The Financial Supervision and Administration Commission (FSC), Taiwan’s financial watchdog, has ruled that cryptocurrency exchanges and firms in the area with a connection to bitcoin have until July 1, 2021, to begin adhering to the country’s current anti-money laundering legislation. The FSC claims it has previously issued several press releases to warn citizens of the dangers of bitcoin-related businesses. Its most recent action is to remind cry...
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