No Plan to Issue CBDC – Bank of Japan Governor

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No Plan to Issue CBDC – Haruhiko Kuroda, the governor of the Bank of Japan, recently stated that the central bank’s position on releasing a digital currency has not changed – the central bank would not issue a central bank digital currency.

The governor, on the other hand, stated that the BOJ will continue to “seriously analyze the expected responsibilities of central bank money” in people’s lives in the present and future.

Kuroda stated why the central bank is not rushing to develop a CBDC during a lecture at a Fintech Summit in Japan.

He said:

“From the standpoint of ensuring the stability and efficiency of the entire payment and settlement systems, we believe it is critical to prepare thoroughly in order to respond appropriately to changes in circumstances.”

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Kuroda also acknowledged that the BOJ is “leaning on the wisdom of many stakeholders both at home and abroad” to assist with this process.

Kuroda’s current comments on the BOJ’s aim to start a CBDC, on the other hand, come only days after the central bank announced it is moving on to the next stage of examining the CBDC’s feasibility. 

The BOJ recently announced the start of a new stage in which it will “implement numerous additional CBDC features in the test environment built in Phase 1.

The BOJ would also evaluate the possibility of releasing digital currency, as well as any problems that may arise, during this phase 2, according to the report.

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