Bank of Japan Governor Haruhiko Kuroda said Monday the central bank will begin experiments on a central bank digital currency (CBDC) in the spring, Reuters reported.
- The experiments will seek to determine requirements and principles for the issuance of a potential digital yen.
- Kuroda also made clear his preparedness to impose added monetary easing steps, saying the BOJ still has tools at its disposal to fight the economic effects of the pandemic.
- Last week, South Korea's central bank said it will run trials of a CBDC during 2021, though it hasn't decided if a launch will follow.
- China's digital yuan is already in extensive testing, with the deputy governor of the People's Bank calling this weekend for its launch to be accelerated.