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Bank of Japan (BOJ) Mulls Over Creation of CBDC

Bank of Japan (BOJ) Mulls Over Creation of CBDC
  • Bank of Japan (BOJ) is planning to develop its own CBDC.
  • Japan prefers to start studying CBDC this coming spring.

The Bank of Japan (BOJ) is now eyeing the creation and implementation of its own central bank digital currency (CBDC). However, the country will have to “thoroughly prepare” before this happens.

As such, the plans for the addition of digital currencies CBDC in the financial sector of Japan will not start right now. As per the governing body of BOJ, the integration of cryptos and other virtual assets will start this coming spring. 

This made the  Bank of Japan Governor Haruhiko Kuroda react. He said:

From the viewpoint of ensuring the stability and efficiency of the overall payment and settlement systems, it’s important to prepare thoroughly to respond to changes in circumstances in an appropriate manner.

Aside from Japan, many Asian countries have also gained interest in the tech that CBDC brings. Asian countries such as China and India are just some of the nations that are pushing CBDC technology.

If Japan successfully completes the launch of the CBDC, the country will be able to seamlessly move money across borders. Above all, CBDC tech brings state-of-the-art security that eliminates frauds and cyber threats.

Moreover, Japan’s initiative in pursuing the study of CBDC in their financial sector contributes well to Japan’s economic-financial stability. In addition, Japan’s openness to blockchain tech makes it a country one step ahead of other nations.

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