The Bank of Japan has announced its readiness to explore the issuance of a central bank digital currency (CBDC) through a pilot program launching in April, joining the global race to establish secure digital payment systems.
The Bank of Japan has announced its intention to prepare for the potential issuance of a central bank digital currency (CBDC) to provide a secure digital payment system for the public. Governor Haruhiko Kuroda’s statement was reported by Reuters on July 28.
In April, the nation’s central bank is slated to launch a trial program to evaluate the feasibility of a digital version of the yen. This move places Japan among an increasing number of countries exploring the implementation of a CBDC for their respective populations.
Addressing the importance of a digital yen for Japanese citizens, Governor Kuroda emphasized the need for coexistence between CBDCs and other forms of currency.
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Kuroda also asserted that it was the central bank’s responsibility to be prepared for any changes in circumstances. The Bank of Japan is committed to ensuring its CBDC is prepared to offer a secure digital payment system to the public.