Kuroda says BOJ needs to be ready to issue digital yen

March 28, 2023 03:50 PM AEDT | By Reuters
Follow us on Google News:
Image source: Reuters

By Leika Kihara

TOKYO (Reuters) - The Bank of Japan must be ready to issue central bank digital currencies (CBDC) that coexist with various other forms of money to offer the public a safe digital payment system, its governor Haruhiko Kuroda said on Tuesday.

The central bank will start a pilot programme in April to test the use of a digital yen, joining a growing number of countries seeking to catch up with front-runner China in launching a CBDC.

"Ensuring the coexistence of CBDC with various other forms of money ... is something that we need to and will in fact achieve in the future," Kuroda said in a speech delivered to a seminar on financial technology.

"There are various options lying before us in terms of how and when to carry this out. But it's our duty as a central bank to prepare ourselves to respond flexibly to any change in circumstances," he said.

The BOJ has said the pilot programme, which will follow two years of experiments it had been conducting, will help it be ready in case the government decides to issue a digital yen.

(Reporting by Leika Kihara; Editing by Muralikumar Anantharaman and Sam Holmes)


Disclaimer

The above content is directly sourced from Reuters under a contractual arrangement. The content is being provided as a convenience and for informational purposes only; and does not constitute an endorsement or approval by Kalkine Media of any of the products, services, or opinions of the organization or individual. The user is apprised that Kalkine Media bears no responsibility for the accuracy, legality, or content of Reuters, any external sites, or for that of subsequent links. The user is requested to contact Reuters directly for answers to questions regarding the content. Please note that Kalkine Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.



Top ASX Listed Companies

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK