Taipei: Taiwan's Central Bank is working on a comprehensive redesign of the nation's banknotes, in which portraits of political figures such as Sun Yat-sen, the founding father of the Republic of China, could disappear. During a hearing of the Legislative Yuan's Finance Committee on Thursday, Central Bank Governor Yang Chin-long said the bank was considering removing portraits from the new bills, which are scheduled to be issued gradually starting in 2028.

According to Focus Taiwan, Yang made the remarks in response to Democratic Progressive Party (DPP) Legislator Wu Ping-jui, who suggested that the time had passed for featuring political figures on the nation's currency. The current NT$100 (US$0.44) and NT$200 notes feature portraits of Sun and former President Chiang Kai-shek, respectively, both key members of the Kuomintang (KMT).

KMT Legislator Lai Shyh-bao questioned the necessity of the redesign. Citing former Central Bank Governor Perng Fai-nan, Lai said a comprehensive overhaul of the nation's currency could cost about NT$50 billion, expressing concern that the expense might be excessive and serve only the transitional justice agenda promoted by the DPP. In response, Yang said that more than four-fifths of the previously estimated NT$50 billion would have been spent on coins, whereas the current redesign focuses only on banknotes.

Yang explained that the existing banknotes have been in use for 24 years and emphasized that the redesign was not driven by political concerns. The NT$100 bill was formally issued by the Central Bank in 2001, followed by the NT$200 and NT$2,000 notes in 2002, and the NT$500 and NT$1,000 notes in 2005.

Also on Thursday, the Central Bank stated in a news release that the new design aims to prevent counterfeiting, improve accessibility for the visually impaired, and adopt more environmentally friendly materials. The upgraded materials and printing techniques will increase production costs per note from about NT$3.5 to around NT$5, Yang said. He added that about 5 billion banknotes are currently in circulation, noting that the precise number is difficult to determine. "The cost will only rise if we delay the process," he said.

The bank has yet to decide on the themes of the redesigned bills. An advisory committee will be established to gather public input, with the goal of creating designs that "enhance national identification and reflect the zeitgeist."