Governor of the Bank of Japan Haruhiko Kuroda said that active preparations for the issue of the digital yen will begin in the near future.
According to him, experiments with CBDC will start thisspring and will be held throughout 2021. The issue of the digital yen is not yet planned, but the bank should thoroughly prepare, since such a possibility is not ruled out in the future.
The Bank of Japan also does not want to lag behind the Central Banks of other countries, which are increasing the pace of development in this direction.
During the experiments, the regulator will testvarious options for stable and efficient next generation payment systems.
Last year, the Japanese government plannedinclude the launch of a digital yen in the country's strategic development plan, but abandoned this idea due to high deployment costs and potential risks for the national economy.
</p>Read this:
Bank of Japan calls condition for digital yen issue
Bank of France starts experimenting with digital currency for interbank settlements
Bank of Japan will start testing CBDC this year
The representative of the Central Bank of Japan said that the country needs to prepare for the digital yen
Reuters: Bank of Japan Explores Digital Currency Issue
The Central Bank of Japan is studying the digital currency market, but does not plan to release its own