The central bank has not made a decision on the issuance of a CBDC, but has conducted experiments while deliberating on the designs, BOJ Governor Haruhiko Kuroda said during a parliament session on Friday.
Kuroda said Japan might be ready to make a decision on a digital yen launch by 2026.
Like Japan, the U.S. Federal Reserve has not made a decision on the launch of a digital dollar, but its latest discussion paper called for public comments from local stakeholders.
The European Central Bank launched the digital euro project in July last year, to prepare for the issuance if necessary, but has not committed to a decision.
The first phase of Japan’s CBDC experiment started in April last year, and will transition into the second phase in the coming April.
In the Japanese parliament session, the finance minister said Tokyo is keeping a close eye on the development of China’s digital yuan.
Monika is a tech journalist. She is an avid reader fascinated by classic English literature and enjoys painting and cooking. When her head is not buried behind a book, she writes about technology like cryptocurrency, blockchain, AI and more.