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Bank of Japan ready for PoC Phase 2: plans to implement more complex functions of CBDC
Executive Director of Bank of Japan (BoJ) Uchida Shinichi talked about the digital yen, the central bank's digital currency in Japan, and future plans for it. He spoke at the third meeting of the Liaison and Coordination Committee on Central Bank Digital Currency (CBDC) which followed the second meeting in October 2021.
Bank of Japan enters PoC Phase 2
In his speech, the Director of the Bank of Japan talked about the onset of Proof-of-Concept Phase 2 "wherein the Bank plans to implement more complex, additional functions of CBDC to the core functions explored in Phase 1 and investigate their technical feasibility and challenges." After the completion of the PoC, the bank will pilot the digital yen which will include merchants and businesses.The Director also said that the Bank of Japan plans to bring such a CBDC ecosystem that would "avoid overlapping investment in the non-competitive field, and foster an environment where they can innovate and compete while ensuring interoperability," as per the official remarks. He further added:
"As potential designs for an ecosystem, we could assume a structure where the central bank issues a CBDC as a public good, and private businesses allow end-users to use CBDC with their own overlay services. We could also assume a structure where CBDC is circulated through various infrastructures or platforms developed by private businesses."He also pointed out that the Japanese people will decide if the government needs to roll out a CBDC and not the Bank alone. The ecosystem should have no signs of vulnerability and should be robust.
CBDC will not be used to achieve negative interest rates
The Bank of Japan Director also stated that the idea to achieve a negative interest rate in order to combat rising inflation levels "is sometimes discussed in academia" but the Bank will not issue if at all, a CBDC on this ground."It is unlikely that such a motivation would be supported by the general public. Furthermore, such a remuneration functionality would be operationally unrealistic while cash still exists," the BoJ official revealed.On the other hand, Japanese firms continue their expansion into the crypto domain as recently, Cryptonary noted that LINE, the largest social media application in the nation, plans to release an NFT collection.
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