Bank of Japan to begin central bank digital currency experiments later this year


The Bank of Japan (BOJ) will start experiments on a central bank digital currency (CBDC) this spring, according to central bank governor Haruhiko Kuroda.

Reuters reported today that Kuroda said the bank must "prepare thoroughly" to issue a CBDC. That includes experimenting with how it would operate a digital yen during the course of this year.

At a webinar with The Block in July of 2020, a senior researcher at Nomura Research Institute said the BoJ had no concrete plans to issue a CBDC. That's still true, according to Kuroda, but he said that shouldn't stop the central bank from experimenting with how such a rollout might take place.

Deputy governor Masayoshi Amamiya made similar comments in January of last year, saying the BoJ must be prepared to respond since "public demand for CBDCs could soar in Japan." 

The BoJ has been researching CBDCs since at least 2019, according to an announcement from Kuroda in November of that year. 

Related Reading

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

TRON USDC now available

Delivering on a vision for an interoperable global standard for dollar digital currency, Circle and TRON have partnered to make USD Coin (USDC) available on the TRON blockchain, which has grown to more than 56 million accounts and nearly 2.5 billion transactions since its founding just four years ago. TRON is home to a broad ecosystem for digital assets in Asia and around the world, and the TRON community can now benefit from easy access to the world's fastest-growing, regulated dollar digital currency. 
Read Full Story
Sponsored Post

Layer-1 Platforms: A Framework for Comparison

The Block Research was commissioned by Algorand to create Layer-1 Platforms: A Framework for comparison, which provides a “look under the hood” at seven platforms: Algorand, Avalanche, Binance Smart Chain, Cosmos, Ethereum/Ethereum 2.0, Polkadot, and Solana. We assess their technical design, related ecosystem data, and qualitative factors such as key ecosystem members to get an understanding of how they differ. Having done this analysis, we draw some insights for what the future of the broader smart contract landscape could look like for years to come. 
Read Full Story
Aug 11, 2021, 5:18PM UTC