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