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BOJ Wants to Set ‘Common Rules’ on CBDCs With Major Central Banks: Report
The BoJ says a set of common rules would lay the groundwork for efficient cross-border payments.
Updated Sep 14, 2021, 12:38 p.m. Published Apr 8, 2021, 6:48 p.m.
A Bank of Japan (BOJ) official said on Thursday there is scope to lay out “common rules” around central bank digital currencies (CBDCs) with the world’s seven major central banks, according to a Reuters report.
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- A set of common rules would lay the groundwork for efficient cross-border payments, said Kazushige Kamiyama, head of the BOJ's payments and settlement department.
- The BOJ official said CBDCs play differing roles for advanced nations with a robust banking system and emerging economies that can use digital currencies to make up for shortfalls in their financial infrastructure.
- “It’s, therefore, better to come up with common rules among countries with similar economic structures,” Kamiyama told Reuters in an interview. “As such, it’s desirable for the BOJ to discuss common rules with the six other major central banks.
- On Monday, the BOJ kicked off the first phase of experimenting with CBDCs, having made the necessary preparations in the first quarter.
- The seven major central banks mentioned by the BOJ official include the U.S. Federal Reserve and the European Central Bank.
Read more: BOJ Starts Central Bank Digital Currency Experiments
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