Japan Post Bank To Issue Digital Yen In 2026—$1.3 Trillion Deposits Go Blockc...
Japan Post Bank is moving toward a blockchain-based yen currency for depositors, with a launch planned by the end of fiscal year 2026. Japan Post Bank Taps Into Blockchain For Digital Yen As reported by Reuters, Japan Post Bank is planning to launch a digital yen in the coming year. Japan Post Bank is a […]
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A former Bank of Japan official is concerned about a digital yen triggering massive outflows from private bank deposits. Hiromi Yamaoka, former head of the payment and settlement systems department at the Bank of Japan, said that the country will likely need several years before it can issue a central bank digital currency.In a Nov. 17 Reuters interview, Yamaoka explained that the BoJ is concerned about a CBDC potentially triggering massive outflows from private bank deposits.Yamaoka, who now chairs a group of banks looking at building a common settlement infrastructure for digital....
Haruhiko Kuroda, the governor of the Bank of Japan (BOJ), has said the bank is currently not planning to launch a digital currency. The remarks come just a few days after the BOJ announced the commencement of the second phase of central bank digital currency experiments. Role of CBDC in People’s Lives The governor of the BOJ, Haruhiko Kuroda, recently disclosed the central bank’s stance on issuing a digital currency has not changed — it will not issue a central bank digital currency (CBDC). The governor, however, insisted the BOJ will still continue “to....
Private-sector behemoths in Japan are exploring digital currencies as a way to streamline large fund transfers and settlements. A consortium of roughly 70 Japanese companies, including the country’s biggest financial institutions, have joined forces to trial and launch a new yen-based digital currency in fiscal 2022, sending a strong signal that the private sector was embracing blockchain-based payment systems. The new digital currency, dubbed “DCJPY,” will be backstopped by bank deposits and rely on a common platform to expedite large fund transfers and settlements among the participating....
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,....
In fresh remarks, Bank of Japan Governor Kuroda Haruhiko said that experiments with a domestic central bank digital currency will begin in spring 2021. Japan is taking a measured but attentive approach to global interest in central bank digital currency issuance. In his latest remarks published on March 16, the Bank of Japan's governor, Kuroda Haruhiko, noted that the institution has not changed its stance and still does not currently have a concrete plan to issue a CBDC.However, this non-commitment does not mean inactivity on the CBDC research and development front by any means. In Oct.....