Bank of Japan institute committee to handle CBDC efforts
The Bank of Japan is ramping up efforts to develop its central bank digital currency. This comes as more countries globally boost the effort to create the digital version of their fiat currencies and ensure they catch up to the private sector.
BOJ forms a committee to handle CBDC development
The Bank of Japan has revealed that it has formed a committee that would handle all issues relating to its CBDC efforts. The committee will update the private sectors and policymakers to get their contribution regarding the best way to develop and issue the CBDC.The liaison and coordination committee will be in charge of experimenting with the various ways the bank can issue its digital currency. According to the official statement, the first meeting was held today, and the bank stressed that there is no immediate need to issue a CBDC. However, the bank will proceed with the initial experiment next month.
The bank stated that “The Bank of Japan will engage in experiments on general-purpose central bank digital currency (CBDC) from the fiscal year 2021. The Bank will first test the technical feasibility of the core functions and features required for CBDC through Proof of Concepts (PoC).”
The committee will also share details of and provide updates on the PoC with the private sector and the government and seek consultation on future steps to facilitate smooth implementation of the PoC.
Some of the private sector members mentioned include the Japanese Bankers Association, Regional Banks Association of Japan, The Second Association of Regional Banks, International Bankers Association of Japan, The National Association of Shinkin Banks, Shinkumi Banks Association of Japan, National Association of Labour Banks, Japan Securities Dealers Association, Japan Payment Service Association, Japan Association for Financial APIs, and Fintech Association of Japan.
Countries getting serious with CBDC development
An increasing number of advanced countries are getting serious with CBDC development. China is well ahead of the others in terms of development and issuance, but Japan, the United States, and the European Union are working on catching up to them.CBDCs are expected to displace stablecoins and ensure that central banks retain control of the fiat currency system.
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