Japan Accelerates Development of CBDC
Main page News, CBDC, Japan

The Bank of Japan (BOJ) will fasten its experiment on a central bank digital currency (CBDC) as the bank's Governor, Haruhiko Kuroda, stressed the need for the watchdog to "prepare thoroughly," Reuters has learned.

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Even though the bank has no plans for issuing CBDC, it has to prepare thoroughly to respond to changes in circumstances appropriately, Kuroda emphasized.

"From the viewpoint of ensuring the stability and efficiency of the overall payment and settlement systems, it is important to prepare thoroughly to respond to changes in circumstances in an appropriate manner," he said.

The BOJ plans to initiate experiments on CBDC later this year. As iHodl reported earlier, Japan decided to join the race of digitization in order to compete with China's digital yuan. Hiromi Yamaoka, a former senior official in charge of payment and settlement systems at the BOJ, said that the watchdog was surprised with China's speed "as central banks tend to take a cautious stance."

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