According to Reuters, the Bank of Japan’s (BOJ) chief called on the US and Europe to work together to develop a worldwide technical standard for a central bank digital currency (CBDC).
While the Bank of Japan (BOJ) had not yet decided whether to launch its own digital money, Governor Haruhiko Kuroda informed parliament that the bank was conducting trials and planning to debate on specific designs. However, Kuroda stated that the final decision on whether Japan would issue a CBDC must be taken after extensive deliberation with the BOJ, government, and private sectors. The BOJ began the first phase of its CBDC experiment in April of last year, with the second phase set to begin this year.
However, the Bank of Japan has stated that it has no intentions to release a digital yen in the near future. If there are any pilot programmes, they will not begin until 2023 at the earliest.
It’s a wrap for this story.
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