Japan to resolve CBDC issuance legalities by Q3 2024
While Japan is preparing to solve the legal issues around the issuance of CBDC, it has not revealed plans for an official launch.
The Bank of Japan (BoJ) held its first official meeting with the country’s government to discuss the central bank digital currency (CBDC). As the local TV channel NHK reported on Jan. 26, the government and the BoJ agreed to resolve the legal issues related to issuing digital yen in the spring of 2024.
However, neither the BoJ nor the government have officially confirmed the launch of the digital yen. Any decision will be taken after “a national discussion” no sooner than in 2026.
In December 2023, the BoJ saw a report of the expert panel from the Ministry of Finance, recommending issuing a digital yen “without delay.” The experts decided that the Japanese CBDC should coexist with cash and that the BoJ must limit the potential personal data storage to a minimum.
...