The BOJ completed the first phase, which started in April last year, in which it focused on the basic functions of a CBDC, such as issuing and distribution.
Japan’s central bank will uphold simplicity in its design of a CBDC, with a senior official saying this is key in making it interoperable with payment systems.
The country’s financial services regulator has reportedly established a new unit that will oversee the industry, even as the Finance Ministry increases its headcount to better police the rapidly growing industry.
A list of celebrity tech investors is looking into the latest buzzword in the blockchain industry—non-fungible tokens (NFTs).
The central bank of Japan has started the first phase of a feasibility study with a goal of testing the CBDC’s basic functions including issuance, distribution and redemption.
Bank of Japan Governor Haruhiko Kuroda stressed the need for Japan to prepare thoroughly for a time in which it may need to issue a digital yen.
The Bank of Japan is reportedly conducting research on a digital yen as it aims to keep up pace with neighboring China.
Hiromi Yamaoka, the former head of payment and settlement systems at the central bank, said the Bank of Japan still has some distance to go before it can launch a digital currency.
The Bank of Japan believes that there’s a possibility of a surge in public demand for a CBDC, considering the rapid development of technological innovation.