Taiwan Banknote Redesign Stirs Debate in Legislature

TaiwanPlus News

A proposed redesign of Taiwan’s paper currency has ignited debate over who and what should appear on the New Taiwan dollar. At a legislative hearing, lawmakers questioned Central Bank Governor Yang Chin-long about the plan, which will apply only to paper notes, while coins will remain unchanged. The central bank says the redesign is needed to improve anti-counterfeiting efforts and a greener production process. The new design isn't expected to enter circulation until 2.5 years after it has been approved.

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00:00A proposed redesign on Taiwan's paper currency has sparked debate about who and what should be used to represent the country.

00:30The comments in the legislature come as the central bank seats input on a full redesign of Taiwan's banknotes, the first in 24 years.

00:39The update aims to strengthen anti-counterfeiting and to use greener materials and production. Coins will not change.

00:48The bank estimates production costs will rise by about 5 US cents per bill.

00:52The smallest paper bill, $100 NT, is worth about 3.2 US dollars.

00:57The first new note is slated to roll out about two and a half years after a theme is chosen.

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