Japan’s finance ministry is reportedly planning to launch an expert panel in April to assess the feasibility of issuing a digital yen, according to NHK.
See related article: Russia delays CBDC pilot to await new law
Fast facts
- The panel will discuss the creation of a framework for a central bank digital currency (CBDC) backed by the Bank of Japan (BOJ), using findings from a two-year technical study conducted by the BOJ.
- The panel’s launch coincides with the beginning of a digital yen pilot program, but BOJ officials say they have yet to set plans to issue a CBDC.
- The finance ministry reportedly plans to consider the opinions of the panel and prepare for the possible introduction of a digital yen in the future.
- Digital currencies have been gaining worldwide interest, with at least 114 countries exploring CBDCs, according to the Atlantic Council.
- China’s CBDC, the e-CNY, is seen as the most advanced among major economies, with trials launched in at least 23 cities and regions.
- Last November, a New York Federal Reserve official revealed that the Fed has been developing a wholesale digital currency.
See related article: Japanese banks to launch, test stablecoins on ‘Japan Open Chain’
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