Bank of Japan Governor Stresses Need to Prepare for Digital Currency Launch
The central bank will begin digital currency experiments later this spring.
The BoJ says a set of common rules would lay the groundwork for efficient cross-border payments.
The year-long Phase 1 will conduct experiments on basic functions of a CBDC.
“The dollar’s status as the key global currency won’t change so easily,” BOJ’s head of payments told Bloomberg.
Through the committee, the BOJ said it will update the private sector and policymakers and seek input on the next steps regarding a CBDC.
Asian sellers meet North American buyers, as BoJ policy move reminds traders of timing patterns.