Yesterday, the Bank of Japan (BOJ) held its first meeting with the “Central Bank Digital Currency (CBDC) Forum”, a newly-established group of 60 firms that will convene to discuss the development of a potential digital yen. Seiichi Shimizu, director of monetary policy at the central bank, emphasized the BOJ’s global perspective and the need to leverage business expertise to help it prepare for a possible launch decision. The forum will establish two working groups to facilitate exchanges regarding future system design, with more to come later this year and next.
After two years of researching proofs of concept (POCs), the BOJ entered a pilot phase in April to test the technical feasibility of a digital yen, particularly with regard to the integration with banks, intermediary networks, and other stakeholders.
The central bank has not yet committed to issue a digital yen, a decision that could require a referendum.
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