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Japan's Finance Ministry to Explore Digital Yen Feasibility: Report
Bank of Japan officials have said they don't have concrete plans to issue a digital currency.
By Amitoj Singh
Updated Aug 3, 2023, 3:45 p.m. Published Mar 30, 2023, 8:54 a.m.
Japan's finance ministry plans to launch an expert panel next month to explore the feasibility of a central bank digital currency (CBDC), or digital yen, public broadcaster NHK reported without saying where it got the information.
The panel is expected to discuss the creation of a framework for a digital currency using the findings of more than two years of proof-of-concept experiments conducted by the Bank of Japan. A digital yen pilot program involving the BOJ and other financial stakeholders starts at the same time.
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The ministry plans take into account the opinions of the panel and prepare for the possible introduction of a digital yen even though BOJ officials have said they don't have any plans to issue one, according to the report.
As president of the Group of Seven (G-7) industrialized nations this year, Japan is planning to steer tougher global crypto regulations, Kyodo reported earlier this week.
Read More: Japan Embraces Web3 As Global Regulators Grow Wary of Crypto
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