Japan's Finance Ministry to Explore Digital Yen Feasibility: Report

Bank of Japan officials have said they don't have concrete plans to issue a digital currency.

AccessTimeIconMar 30, 2023 at 8:54 a.m. UTC
Updated Aug 3, 2023 at 3:45 p.m. UTC

Japan's finance ministry plans to launch an expert panel next month to explore the feasibility of a central bank digital currency (CBDC), or digital yen, public broadcaster NHK reported without saying where it got the information.

The panel is expected to discuss the creation of a framework for a digital currency using the findings of more than two years of proof-of-concept experiments conducted by the Bank of Japan. A digital yen pilot program involving the BOJ and other financial stakeholders starts at the same time.

The ministry plans take into account the opinions of the panel and prepare for the possible introduction of a digital yen even though BOJ officials have said they don't have any plans to issue one, according to the report.

As president of the Group of Seven (G-7) industrialized nations this year, Japan is planning to steer tougher global crypto regulations, Kyodo reported earlier this week.

Edited by Sheldon Reback.


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