Taiwan Central Bank: "Stablecoins Should Be Subject to the Same Regulations as Electronic Payments"
Summary
- The Central Bank of Taiwan announced that regulation equivalent to existing electronic payments is necessary if stablecoin payments expand.
- The report analyzes that as stablecoin enters the real economy as a payment method, it could affect the financial system.
- It is reported that major countries have begun regulating stablecoins, and Taiwan is also set to hold a public hearing related to the Virtual Asset Service Act.
The Central Bank of the Republic of China (Taiwan) has stated that if stablecoin payments become more widespread, regulation at the same level as electronic payment instruments should be applied.
According to United Daily News (UDN) on the 10th (local time), the Central Bank of Taiwan said in a report, "Stablecoins are moving beyond being used as virtual asset (cryptocurrency) trading means and are becoming a means of payment in the real economy," and added, "Stablecoins used as payment methods should be subject to the same regulations as existing electronic payments." It further emphasized, "The principle of same business, same risk, same regulation should be observed."
This stance is based on the analysis that stablecoins could adversely affect the operation of the existing financial system. The report noted, "As the scale of stablecoin use grows and they become widely used for cross-border payments, it will impact the sound operation of the existing payment and financial system," and analyzed, "Major countries have also begun introducing regulations on stablecoins."
Meanwhile, Taiwan is set to hold a public hearing for the Virtual Asset Service Act on the 12th (local time).
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
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