The Taproot update will be implemented in the middle of November when the network reaches block #709 632. So was told the community by Peter Welle when he was talking about the readiness of the new update. Currently, the new Speed Trial system is in place. It was integrated into Bitcoin Core in May and 90% of all mined coins were redirected to support the fork.
The mining difficulty spike proved to be quite resultative and all of the conditions for the Taproot were met upon reaching block #687 284. At the same time, all miners supported the upcoming update for Taproot. 24,4% of all miners are currently using it. There is still time (about 5 months) for others to catch up and start using Bitcoin Core.
Community experts are certain that Taproot is capable of turning Bitcoin into a new efficient financial system rivaling the best payment systems in the market. Smart contracts will become better and transaction fees will be reduced. Some believe that Taproot is the next step towards network and confidentiality improvement while others think that privacy is in danger.