Japan c.bank will seek digital yen with ‘simple’ design, says BOJ official

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TOKYO, Oct 15 (Businesshala) – Any digital currency issued by the Bank of Japan should have a simple design that private companies can use to develop financial and payment services for customers, a senior central bank official said. said on Friday.

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BOJ Executive Director Shinichi Uchida said that if central banks decide to issue digital currencies, they need to coexist with private sector payment services.

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“To achieve vertical coexistence, a relatively simple central bank digital currency (CBDC) design is desirable for the private sector to use as a component of it”, he said in a speech. .

For example, private entities could develop services that allow customers to use both CBDCs and private payment instruments with the same wallet, Uchida said.

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Global central banks have stepped up efforts to modernize financial systems and develop their own digital currency to accelerate domestic and international payments.

The BOJ has stated that it has no plans to issue a CBDC at present. But it started the first phase of experimentation on CBDCs this year and established a regular panel to exchange views with the private sector, as part of efforts to ensure that any digital currency that is issued , it does not affect personal innovation.

Reporting by Leika Kihara; Editing by Sam Holmes

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