Discussing the Future of the Digital Economy in Taiwan

On July 8, AmCham Taipei welcomed Central Bank of China Deputy Governor Chen Nan-kuang and National Taxation Bureau Director-General Hsu Tzu-mei to speak at a Tax Committee luncheon.

Deputy Governor Chen’s talk focused on his vision for the future direction of Taiwan’s central banking system. Central banks have grown in abilities and influence due to public trust in electronic payment systems, giving central banks an essential role in the digital era, Chen said.

Central Bank of China Deputy Governor Chen Nan-kuang

Chen also spoke about the growing importance of central bank digital currency (CBDC), which many countries have begun to rely on for its efficiency and resilience. He pointed out the increased dependency on electronic transactions, which has given rise to different kinds of payment methods. Chen introduced Taiwan’s Common Platform for Electronic Payment Institutions, an online tool that incorporates electronic payments into the interbank financial information system.

Director-General Hsu explained Taiwan’s tax structure, giving examples that demonstrated its consideration of a variety of domestic and international factors. She described Taiwan’s strategy of ensuring that all product, information, and cash flows are registered and tracked, strengthening the development of digital finance on the island.

National Taxation Bureau Director-General Hsu Tzu-mei

Both Chen and Hsu emphasized the development of digital finance and how it applies to banking systems, yet also reminded attendees of the potential vulnerabilities involved.

 

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