Japan will prioritize simplicity in CBDC design, says central bank executive
The Bank of Japan is keen to ensure seamless integration of its central bank digital currency with the existing payment architecture. While Japan’s CBDC plans are still in the research stage, Shinichi Uchida, an executive of the Bank of Japan (BOJ) has said simplicity will drive the central bank’s design thesis for the digital yen.According to Reuters, Uchida made this known during a speech delivered on Friday calling for modalities to be put in place to ensure the CBDC co-exists with existing private payment channels.For Uchida, vertical integration of the digital yen within the private....
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Hiromi Yamaoka is currently heading a private forum of 74 companies that is planning to launch a private digital currency. A former Bank of Japan (BOJ) official who reportedly headed the digital currency research is now advising against its use.According to a report published in the Japan Times, Hiromi Yamaoka, the former head of the BOJ’s financial settlement department, advised against using the digital yen as a part of the country's monetary policy.Yamaoka’s biggest concern lies with the negative interest rates and believes once the digital yen becomes a prominent tool for mass....
The digital yen should be compatible with other CBDCs to counter China’s progress with its digital yuan, one official argued. Japan will have more clarity on the design of its central bank digital currency no earlier than late 2022, according to a ruling party official.Hideki Murai, head of the ruling Liberal Democratic Party’s panel on digital currencies, said that the Bank of Japan is still working on sorting out the key functions of the digital yen, such as defining what entities would serve as intermediaries between the central bank and deposit holders.“By around the end of next year,....
The Zimbabwean central bank has said it is “conducting a CBDC [central bank digital currency] Consumer Survey to solicit opinions on the design and nature of the CBDC and its overall acceptance by the public.” The bank said the information obtained via this process will be “treated with the utmost confidentiality and the results will only be used for purposes of research on the design.” Assessing the ‘Acceptability of a CBDC in Zimbabwe’ The Reserve Bank of Zimbabwe (RBZ) has said residents can now share their views and thoughts concerning “the....
Earlier today, the Bank of Japan (BOJ) announced that it began experimenting with the possibility of issuing its own central-bank digital currency (CBDC). The central bank first entertained the idea of a CBDC back in February. Now, the decision to ramp up their timeline coincides with other nations making strides in creating their own digital currency. China recently laid out its plans to create a digitized Yuan, with several pilot programs already under its belt. […]
Cooperation between public and private sectors would be vital for a global CBDC system, says a new joint report. The Bank for International Settlements (BIS) continues investigating the development of the global central bank digital currency (CBDC), publishing a new joint report with seven central banks.Released Sept. 30, BIS’ latest CBDC report refers to joint efforts to explore a retail CBDC alongside the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the United States Federal Reserve, Sveriges Riksbank and the Swiss National Bank.The report provides....