The Bank of Japan: It is technically infeasible for the government to issue a central bank digital currency

[Bank of Japan: It is currently technically infeasible for the government to issue a central bank digital currency] Golden Finance News, the Bank of Japan (BoJ) believes that it is currently technically infeasible for the government to issue a central bank digital currency (CBDC). The bank revealed that most Japanese citizens do not care about CBDCs because they already have wide access to many low-cost, efficient internet banking services and digital payment tools. In addition, Japan has high cash issuance, which accounts for about 20% of the country's nominal GDP. Despite the rise of digital payment methods, the use of cash remains dominant, especially among Japan's older population, where about a third of the population is 65 or older.

The Bank of Japan is reported to have started discussing the idea of a yen-backed CBDC in 2021, with testing for the second phase of the project beginning in April.

Previously, Jinse Finance reported that the Central Bank of Japan abandoned its CBDC plan due to lack of public interest.

Other news:

The yen has hit a new low since 2018. The policies of the Federal Reserve and the Bank of Japan are drifting away: According to news on October 11, the yen fell to its lowest level in nearly three years. The spread between Japanese and U.S. government bond yields widened as bets grew that the Fed would taper and Japan kept its accommodative stance unchanged. The yen is the worst performing G10 currency this year. The yen's decline has accelerated since late September. The surge in oil prices has intensified speculation that the Federal Reserve will start scaling back its bond purchases in November to keep inflation under control. This is in stark contrast to Japan, where the cost of living has mostly fallen since the outbreak began, and Bank of Japan Governor Haruhiko Kuroda has said he will decisively step up stimulus if necessary. (Golden Ten) [2021/10/11 20:19:56]

The Bank of Japan established a digital currency liaison coordination group: The Bank of Japan established a digital currency liaison coordination group and a liaison coordination committee. In addition, the Bank of Japan will launch a central bank digital currency proof-of-concept experiment this spring. (Golden Ten) [2021/3/26 19:19:42]

Voice | Governor of the Bank of Japan: Given that Libra aims to be used on a global scale, global policy coordination is required for regulation: According to news from Kim Ten, Bank of Japan Governor Haruhiko Kuroda said: Libra may have a huge impact. Given that Libra aims to be used on a global scale, global policy coordination is required for regulation. The measures taken against Libra may not only be in financial regulation, for example, it may include anti-money laundering. Future discussions on policy responses to Libra may not only be within the G7 central banks, but also include other regulatory authorities. [2019/7/17]