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Author Topic: [2018-03-15] Taiwan Central Bank Chief Cautious on Central Bank Crypto  (Read 28 times)
LuanX3
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March 15, 2018, 01:36:04 PM
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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.

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.

Source: https://www.coindesk.com/taiwan-central-bank-chief-cautious-on-central-bank-crypto/


I guess there is some truth to it. Cryptocurrencies are far away from being used in commercial transactions or what it was intended for. It's merely being used for speculative investments.
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March 15, 2018, 02:10:44 PM
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It's far from being used in commercial payments because there are no regulations supporting it. And so far there is no need to do so. There arent too many people using bitcoin so it doesnt make sense for companies to accept it and risk themselves to whatever legal issues. The first step to everything is adoption. That's the only way it's going to get recognized.

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March 15, 2018, 03:53:50 PM
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It's far from being used in commercial payments because there are no regulations supporting it. And so far there is no need to do so. There arent too many people using bitcoin so it doesnt make sense for companies to accept it and risk themselves to whatever legal issues. The first step to everything is adoption. That's the only way it's going to get recognized.

Mind you, there are companies that have already tried implementing it. Steam for one and DELL in the US. There is market here but the problem is people that are holding bitcoins do not want to use it, they just want to HODL until kingdom come. They are holding just for speculative purpose and not really for what it was really intended for.

Regulation does not have anything to do with acceptance as a payment method as laws can't regulate bitcoins anyway because it is decentralized.
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