The Japanese government spokesperson announced that the Bank of Japan (BOJ) will begin feasibility studies on the digital currency next year.
Japan’s government spokesperson Katsunobu Kato announced Japan’s digital currency plan, while research on the creation of a possible digital central bank coin (CBDC) by central banks in many parts of the world with the increasing popularity of cryptocurrencies. Katsunobu Kato said that they are examining the social disruptions that digital currencies can cause in Japan, and announced that feasibility studies for digital central bank money will begin in April 2021.
Referring to the fact that there are no clear studies on CBDC production for now, Kato added that they cannot ignore this issue in the rapidly digitalizing world and that they will start trials in 2021.
China’s Digital Currency Leaps Are Putting Pressure
Government spokesman Katsunobu Kato announced that they will begin the evaluation process of digital central bank money in 2021 with practical experiments rather than conceptual research, and stated that the effects of digital money on Japan will be examined by the Ministry of Finance and other relevant ministries.
China’s steady work on digital currency has led to a rethinking of this issue in Japan. The government, led by Prime Minister Yoshihide Suga, who took office just last month, felt pressured to add a national digital currency to its pledge and work on digitalization and administrative reforms. The government, which does not want to remain behind the digitalization race in the region, stated that concrete steps will be taken in the field of digital central bank money in 2021.