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Japan’s Central Bank Can’t Launch A CBDC Without Public Support

by CBDC Insider
October 26, 2020
in Asia, Business
Reading Time: 1min read
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Japan’s Central Bank Can’t Launch A CBDC Without Public Support
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More than a week ago, Japan’s central bank announced that it would begin testing its digital currency next year. This is coming a few months after the bank formed a new research team to accelerate its research on the feasibility of a digital currency in the country.

More reports surfaced that Japan has no immediate plans to launch a digital currency. However, a senior BOJ official in charge of looking into the possibility of launching a CBDC made a statement on the matter, Bloomberg reported.

According to  Kazushige Kamiyama, head of the BOJ’s payment system department, the central bank has not decided whether or not to launch a digital yen. But he noted that they must first hear from Japan’s citizens and get their support before the BOJ can develop a CBDC.

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“At the end of the day there’s no way we can proceed without gaining sufficient understanding from the Japanese public,” he said.

Read more: https://cryptopotato.com/japans-central-bank-cant-launch-a-digital-currency-without-public-support/

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