Japan Plans To Hold An Expert Meeting On April 21 To Discuss CBDC

Key Points:

• The Japanese Ministry of Finance is expected to hold a meeting of experts to discuss future directions of development.
• The Bank of Japan and the Financial Services Agency will attend the group meeting as observers.
• CBDC is a topic of interest in many countries, not only Japan.

According to Reuters, the Ministry of Finance of Japan intends to conduct a conference of experts on April 21 to discuss the future direction of development after the Bank of Japan began a pilot program this month to evaluate the usage of the digital yen.

The BoJ and the Financial Services Agency will be present as observers at the group meeting. Nine specialists, including academics, economists, attorneys, and consumer advocates, are scheduled to meet on a monthly basis and deliver a report by the end of the year.

Nevertheless, Japan has yet to determine whether to create a central bank digital currency (CBDC), and the BOJ has said that the pilot program might continue for many years.

“We understand the BOJ’s study is making a steady headway. However, we have not at all decided on whether Japan will issue a CBDC,” a finance ministry official told reporters.

At a seminar in Washington on Tuesday, April 11, Japan’s Finance for Foreign Affairs Deputy Minister Masato Kanda said that cryptocurrencies and CBDCs would be discussed in the G7. The decision was made in response to attempts to eliminate the issues that the global community is facing as a result of fast-expanding digital technologies.

Several nations, in addition to Japan, are highly active in the release of their own CBDC. They are generating unprecedented interest, and the International Monetary Fund (IMF) is in high demand for advice on them. According to the IMF source, there is considerable urgency in satisfying the demands of central banks developing CBDCs. As a result, in the last two years, the group has worked with around 30 nations that have sought aid. Thus far, almost 40 nations have contacted it.

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Harold

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