Japan's central bank the Bank of Japan (BOJ) must be ready to launch its own central bank digital currency (CBDC) amid possible rapid technical evolution, Reuters reports citing the BOJ Deputy Governor Masayoshi Amamiya.
Amamiya claims the bank currently has no plans to roll out its digital currency as the financial institution should clarify several issues such as the impact on monetary policy and measures to ensure strict security standards.
However, the BOJ Deputy Governor admits the importance of further exploration of launching national CBDC.
As for now, Amamiya points out the bank must be prepared to respond to a sharp jump in technological development.
"The speed of technical innovation is very fast. Depending on how things unfold in the world of settlement systems, public demand for CBDCs could soar in Japan," he added.
Previously iHodl reported that the Japanese largest consulting platform Nomura Research Institute (NRI) in collaboration with a global provider of quantitative research and development Intelligence Unit (IU) announced the launch of the crypto-focused index for financial institutions.
The index will be based on data provided by MV Index Solutions (MVIS) and CryptoCompare and evaluate performance by providing benchmarks constructed with a clear and transparent methodology.
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