Bank of Japan to Begin CBDC Experiments

The Bank of Japan will begin experiments with its own digital currency (CBDC) in the spring, according to Governor Haruhiko Kuroda. Reuters reports.

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

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“From the standpoint of ensuring the stability and efficiency of payment and settlement systems in general, it is important to prepare carefully in order to respond properly to changes in circumstances,” said Kuroda.

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In early 2020, the Bank of Japan joined BIS under the Bank for International Settlements umbrella with colleagues from Canada, the United Kingdom, the European Union, Sweden and Switzerland to study the prospects for issuing CBDC.

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

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What is central bank digital currency (CBDC)?

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Earlier, the central bank said that would abandon issuing CBDC if the idea was not supported by the public.

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