In a speech today, Bank of Japan (BoJ) Governor Haruhiko Kuroda said the BoJ’s central bank digital currency (CBDC) experiments would start in the spring. The Governor re-iterated that as yet, no decision has been made to proceed with a digital yen. Last October, the Bank published a CBDC paper which outlined plans for two Proofs of Concept.
Kuroda stated it would be too late if the Bank of Japan waited to experiment only when there is a need for a CBDC.
“From the viewpoint of ensuring the stability and efficiency of the overall payment and settlement systems, we consider it important to prepare thoroughly to respond to changes in circumstances in an appropriate manner,” said Kuroda.
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