Japan’s Central Bank will consider issuing CBDC by 2026

Until then, the agency will be testing and exploring the possibilities for this type of asset

31.01.2022 - 08:40

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What’s new? Reuters reports that Japan will not rush into the launch of a digital yen. That country’s central bank’s plans include full-scale testing of the asset and consultations with all stakeholders until 2026.

News source on the Reuters website

What statements have been made? According to Haruhiko Kuroda, Japan’s central bank Governor, the authority is still undecided on the feasibility of issuing a digital yen. The authorities will closely examine the experience of neighboring China, where they are conducting a large-scale CBDC test as part of the Winter Olympics. The tests will also be carried out by 2026 with the participation of citizens and various public and private companies.

Haruhiko Kuroda also stressed that the central bank will consult with Western partners to form uniform international standards for issuing this asset class. The most important thing at the same time, the official considers the issue of acceptance of the idea of a national digital currency by the public.

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