Japan’s central bank to start experimenting with CBDC

The Bank of Japan will begin experimenting with its own digital currency (CBDC) in the spring, said the head of the institution, Haruhiko Kuroda. Reported by Reuters .

Currently, the central bank has no plans to issue a CBDC, but should prepare for its possible deployment, said the governor of the Bank of Japan.

“From the point of view of ensuring the stability and efficiency of payment and settlement systems in general, it is important to prepare carefully in order to properly respond to changing circumstances,” added Kuroda.

In early 2020, the Japanese central bank merged under the auspices of BISwith colleagues from Canada, UK, European Union, Sweden and Switzerland to explore the prospects for a CBDC release .

Later, the Bank of Japan created a new working group to study digital currency.

We will remind, the central bank said that they will refuse to issue CBDC , if the idea is not supported by the public.

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