Share this article
Taiwan Central Bank Chief Cautious on Central Bank Crypto
The new governor of Taiwan's central bank has said speculation has taken over from cryptocurrencies' original role as a payments tool.
By Wolfie Zhao
Updated Sep 13, 2021, 7:41 a.m. Published Mar 15, 2018, 11:15 a.m.
The new governor of Taiwan's central bank has said speculation has taken over from cryptocurrencies' original role as a payments tool.
Earlier this year, while still in his role as deputy chief of the central bank, Yang Chin-long indicated that the central bank has started the evaluation of the benefits and challenges of a central bank-issued cryptocurrency.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
In responses to lawmakers at a meeting with the island's legislative arm today, though, he argued that cryptocurrencies are not fulfilling their originally intended function in payments, according to a report from Taiwan's Apple Daily.
Although he had "wanted to go in that direction," cryptocurrencies have since become a commodity with extreme volatility due to market speculation, he said.
The central bank is now observing experiments conducted in other regions and "doing experimentation," but "we can't go as far as announcing we plan to issue digital New Taiwan dollar yet," he said.
As reported by CoinDesk, upon his inauguration speech on Feb. 27, the new governor also suggested that his agency would utilize emerging technology such as blockchain to improve banking efficiency under his tenure.
Taipei image via Shutterstock
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Japan’s Higher Rates Puts Bitcoin in the Crosshairs of a Yen Carry Unwind
A stronger yen typically coincides with de-risking across macro portfolios, and that dynamic could tighten liquidity conditions that recently helped bitcoin rebound from November’s lows.
What to know:
- The Bank of Japan is expected to raise interest rates to 0.75% at its December meeting, the highest since 1995, affecting global markets including cryptocurrencies.
- A stronger yen could lead to de-risking in macro portfolios, impacting liquidity conditions that have supported bitcoin's recent recovery.
- Governor Kazuo Ueda indicated a high probability of a rate hike, with officials prepared for further tightening if their economic outlook supports it.
Top Stories
