by Rofiat Adewale
Central Bank Digital Currency (CBDC) is a new form of money that exist in digital form instead of printing money.
The Central Bank issued a widely accessible digital coins commonly known as crypto so that transaction will become easy.
The Bahamas, Jamaica and Nigeria has full launched a Central Bank Digital Currency.
Taiwan’s central bank has not arranged a specific time for launching a digital currency, it make an awareness that the process will be gigantic and composite but it will hold public hearings on the matter to spread knowledge.
Taiwan’s central bank has been working on a pilot government run digital currency to allow people to use a digital wallet and make payments without using a debit or credit card.
In a report of parliament, the process of not arranging time for issuing central bank digital currency, research and experimentation is already improving the processing efficiency and innovative application of the payment system
The bank said,launching the digital currency will affect many people it is necessary to widely communicate about it to public hearings and promote knowledge of the currency.
According to a study released in March, a total number of 134 countries are seeking digital versions of their currencies with advanced development, pilot or launch stages.People who support launching of currency say digital currencies will allow new functionality and provide an alternative to physical cash.