Over the past years, developed and developing countries have shown a growing interest in central bank digital currency (CBDC). The Bank of Japan has recently announced a cautious approach to the digital Yen, stating that its developmental trajectory will follow similar steps as Sweden did. The final decision on whether to issue CBDC is likely to be made by 2026, BOJ revealed.
No Large-scale Pilot Tests Like China
BOJ considers the framework of its CBDC closely tied to the overall settlement system; thus, during its experimental phases, the central bank believes one of the critical issues is to ensure its compatibility with its financial infrastructure and other potential CBDCs.
Kazushige Kamiyama, the head of the BOJ payment system department, said in an interview that Sweden’s staged and planned expansion of experiments is more suitable than China’s approach, as reported by Bloomberg.
China, earlier this year, began a large-scale pilot test of its digital currency at the Beijing W
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