Bank of Japan Governor Stresses Need to Prepare for Digital Currency Launch

Haruhiko Kuroda, governor of the Bank of Japan (BOJ), has said the central bank must "prepare thoroughly" for the possible future need to issue a digital yen.

The BOJ has no plans at present for a central bank digital currency (CBDC) launch, but Kuroda believes the bank must be prepared for a change in circumstances that could necessitate one, Reuters reported Tuesday.
“From the viewpoint of ensuring the stability and efficiency of the overall payment and settlement systems, it’s important to prepare thoroughly to respond to changes in circumstances in an appropriate manner,” he said during a seminar.
Neighboring China's plan to issue its digital yuan is firmly established, with the project in the public trial stages.
South Korea is working on a digital coin, too, having published research for a CBDC project and planning tests later this year.
The BOJ will begin experiments later this spring.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Jamie Crawley

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.