Japan to unveil a detailed CBDC plan by year-end 2022

Japan will develop a more detailed plan regarding CBDC by the end of 2022, according to Hideki Murai, head of the ruling Liberal Democratic Party’s digital-currency group, Reuters.

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According to him, new information will lead to discussions about the impact of the digital yen on financial institutions. The politician added that commercial banks would benefit from transferring CBDC data-control over customer data.

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“CBDC has the potential to completely transform Japan’s financial industry,” Murai said.

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“If the digital yuan becomes so convenient that it is frequently used by tourists, or becomes the main means of settlement for trade, the relationship between the yen and the yuan could change,” Murai said.

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Back in the summer of 2020, the Bank of Japan formed a working group to study CBDC and participate in joint research with regulators in other countries, and in April 2021 began testing the digital yen.

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