Taiwan’s central bank said on June 29 that it has completed the second phase of its central bank digital currency (CBDC) trials.

Yang Chin-Long, governor of the Central Bank of the Republic of China, said this phase of the CBDC trial had been conducted in a “closed loop” environment. The CBRC conducted the trial with five commercial lenders.

Yang said the central bank could take at least two years to overcome a number of challenges in creating a prototype CBDC, Reuters reported. It will have