Countries across the world are researching central-based digital currency (CBDC) and many are already very close to its introduction to the general public. Despite such a huge competition, Japan is not planning to issue its CBDC any time soon. However, it has been mentioned that the nation might deepen its research but there are not any plans to launch it.
For quite some time now, people across the world have moved towards digital assets, and accepting crypto adoption has also increased significantly. There is a surge in the use of digital payment due to the COVID-19 pandemic as people look to move from cash alternatives to contactless payments.
Japan is Cautious About Moving Quickly on Digital Currencies
Katsunobu Kato, Chief Cabinet Secretary of Japan, has said that currently, the nation is not planning to launch its CBDC. However, he has mentioned that they might consider it because the world is moving to digitalization.
It has been seen that in this nation, most of the people prefer cash payments and are quite rigid about it. This is the reason why the country is quite cautious about moving quickly to digital currencies. There is quite a great progress in China when it comes to CBDC as the country is all set to launch its digital currency. This is also another reason why the country is carrying forward the research regarding this.
BOJ to Create New Team to Focus on Issuing Digital Currency
The Bank of Japan (BOJ) is creating a new team that will focus on issuing digital currency and conducting proper research in this matter. Kato has said, “The Ministry of Finance and other relevant ministries will deepen scrutiny on the need.” It is yet to know what the nation will do to accelerate this process of issuing its digital currency.