President of the Central Bank of Taiwan said about the speculative nature of cryptocurrencies

The new President of the Central Bank of Taiwan has said that cryptocurrencies became more used for speculation than as a means of payment. Earlier this year, as Vice-President of the Central Bank, Yan Jin-long (Yang Chin-long) said that the Central Bank began an assessment of the benefits and challenges of cryptocurrency issued by the Central Bank.

As reported by Apple Daily, answering questions at the meeting c представителzvb legislature Chin long claimed that cryptocurrency is not fulfilling its original function – making payments. Although he «would like to develop in this direction», however, cryptocurrencies have become a commodity with extreme volatility due to market speculation.

The Central Bank currently monitors experiments conducted in other regions, and «explores the question,» but «not yet able to announce the plans for a new digital dollar of Taiwan,» he said.

As we reported
February 28, in his inaugural speech the new President of the Central Bank has called for the introduction of the blockchain. Earlier, representatives of Taiwan has repeatedly raised the topic of cryptocurrencies. Earlier this year, Vice-President of administration of Taiwan urged to prepare for the collapse of cryptocurrencies, and in October last year, the Chairman of the Committee for financial supervision of the island proposed to follow the example of Japan and support the development of digital currencies and the blockchain.


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