Japan will follow Sweden's CBDC development process
The Bank of Japan revealed how it would approach the development and testing of the digital Yen, according to a recent report by Bloomberg.
Japan to follow Sweden, not China
The Bank of Japan (BOJ) has reportedly stated that it will follow the footprints of the European country, Sweden. The central bank also revealed that the government is likely to draw a conclusion on the development and issuance of a CBDC by 2026.During an interview reported by Bloomberg, the BOJ payment system department's head, Kazushige Kamiyama, said that Japan prefers Sweden's plans to expand experiments over that of China. BOJ has closely tied the CBDC framework to the settlement system. As a result, the central bank's primary area would focus more on the digital yen's compatibility with its existing financial system and other potential CBDCs.
China started its large-scale pilot program for its digital yuan at the Beijing Winter Olympics, intending to push the greater adoption of the digital yuan. On the other hand, Sweden's Riksbank took a different approach by aiming for smaller-scale technical research for the CBDC examination. The latter stresses CBDC's fit into the settlement system with other payment providers.
Given the relative weakness of their payment networks, emerging economies are more likely than industrialized economies to introduce electronic money, according to Kamiyama. The second phase of digital Yen research is set to begin this month, and it will be a small-scale pilot test.
CBDC Development
In December 2021, the new political leadership of Japan urged its financial bureaucrats to speed up the launch of its digital yen.Central banks of countries like India, Korea, and the Philippines are also in the initial phases of the CBDC development. Japan has recently been added to the list of countries recognizing the potential of CBDCs.
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