Japan Said to Step Up Efforts in Issuing Digital Yen With Creation of New Panel, Start of Pilot Programme

Japan is stepping up efforts toward issuing a digital yen with the creation of a government advisory panel and the launch of a pilot programme, joining a growing number of countries exploring a central bank digital currency (CBDC).

The finance ministry will set up a panel of experts as early as April to discuss the feasibility of issuing a digital yen, two sources with knowledge of the matter told Reuters.

The step will come after the central bank’s decision to start in April a pilot programme to test the use of a digital yen, moving Japan closer to issuing a CBDC in several years.

Under a medium-term policy platform issued in 2021, the government pledged to start examining the feasibility of a CBDC when the Bank of Japan (BOJ) completed the initial phase of experiments by March 2023, which it has.

“It will be in line with the pledge made in the policy platform,” one of the sources said on the plan to set up a government panel, a view echoed by the other source.

Both sources declined to be identified as they are not authorised to speak publicly.

Finance Minister Shunichi Suzuki told reporters on Friday the government was still in the process of scrutinising ways to meet the pledge to examine the feasibility of a CBDC, including the idea of the panel.

The BOJ has said no decision has been made on whether Japan will issue a CBDC. But it spent two years experimenting and will move to the next phase of conducting a pilot programme from April, to be ready in case the government decides to issue a digital yen.

The central bank has said the pilot programme may last for several years. Some laws may need to be revised if the government were to start issuing a CBDC for public use.

“Ensuring the coexistence of CBDC with various other forms of money … is something that we need to and will in fact achieve in the future,” BOJ Governor Haruhiko Kuroda said in a speech on Tuesday.

Public broadcaster NHK reported on Thursday the finance ministry was considering setting up an advisory panel in April to discuss the possibility of a digital yen.

Central banks around the world have stepped up efforts to develop digital currencies to modernize financial systems and speed up domestic and international payments.

Japan and other advanced economies are seeking to catch up with China, which is at the fore of a global race to develop CBDCs and has ramped up pilot schemes for retail payments.

The US Federal Reserve has also been exploring a fully digital dollar that some have referred to as Fedcoin. Fed leaders have said that any launch of such an asset would need the support of elected leaders.

© Thomson Reuters 2023


From smartphones with rollable displays or liquid cooling, to compact AR glasses and handsets that can be repaired easily by their owners, we discuss the best devices we’ve seen at MWC 2023 on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated – see our ethics statement for details.

Source link

Back to top button

Sweet Bonanza

Baccarat Online

Lucky Neko

Slot88

Slot777

Slot Bet 100

Slot777

Slot777

slot bonus

slot gacor gampang menang

sbobet88

sbobet88

daftar slot777

sbobet88

slot starlight princess

sbobet88

slot777 gacor

slot gacor

slot joker123

pragmatic play

bonus new member

slot gacor

pragmatic play

slot deposit qris

Slot777

Slot777

Slot777

Slot88

slot gacor

ARES GACOR

Slot Gacor

GADUNSLOT

sbobet

slot bonus

pragmatic

slot777

pragmatic

pragmatic

pragmatic

sbobet

sbobet

gates of gatotkaca

joker123

slot bonus

slot bet kecil

pragmatic play

slot bet kecil

joker123

Joker123

https://sbobet-gadunslot.matthewwilliamson.com/products/sbobet

https://sbobet-gadunslot.thebotanist.com/products/sbobet-daftar

https://tutordong-garansikekalahan.wonhundred.com/products/slot-garansi-kekalahan-100

https://gadunslot-pastirankslot88.zacbrownband.com/products/slot88-agen-situs-judi-slot-online-terpercaya-no-1

https://sl0t-thailand-gadunslot-gacor.eightoclock.com/products/slot-server-thailand/

https://slottt-thailand.gds.eightoclock.com/products/slot-thailand

https://slotresmi-gadunslot.matthewwilliamson.com/products/slot-resmi

Adblock Detected

Please consider supporting us by disabling your ad blocker

rtp slot pragmatic

slot deposit via qris

slot deposit via qris

slot bet 100

slot deposit pulsa tanpa potongan

slot deposit pulsa tanpa potongan

mahjong slot

https://bartarazkhod.ir/

https://hindustaniinvestor.com/

https://perldo.com/

https://sknetbd.com/

https://www.djmanager.biz/

https://www.q-linn.com/

kakek merah slot

kakek merah slot

kakek merah slot

kakek merah slot

https://www.garagecruchet.fr/slot-qris-5000/

https://www.auxdelicesdepierre.com/slot-qris/

https://www.pourtoietmoi.fr/slot-deposit-qris/

https://www.suiviesante.fr/slot-qris-5k/

Slot Singapore

https://www.job-source.fr/

rodaderoplaza.com