On Friday the Bank of Japan and the Ministry of Finance held their first meeting to discuss a potential central bank digital currency (CBDC). The central bank is currently conducting a digital yen pilot, but no decision has been made regarding the launch. Last year, the central bank set up a separate CBDC Forum consisting of private sector representatives.
Friday’s meeting involved representatives from the Cabinet Office and National Police Agency. Observers from the Fair Trade Commission and the Personal Information Protection Commission also attended.
The Ministry outlined the need to ensure a CBDC can coexist with existing private sector digital payment firms, according to NHK news. Any CBDC needs to enhance payment convenience and protect privacy. There’s a fair number of legal issues to resolve as well.
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