‘No Plan to Issue CBDC’ — Bank of Japan Governor – Featured Bitcoin News

Haruhiko Kuroda (the governor of Bank of Japan) stated that the Bank is not currently planning to create a digital currency. This comes just days after Haruhiko Kuroda, the governor of Bank of Japan (BOJ), announced the start of the second stage of central bank digital currencies 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 carefully consider the expected roles of central bank money” in people’s lives today and in the future.

Kuroda stated why Japan’s central banks are not hurrying to establish a CBDC in remarks he made at a Fintech Summit. Kuroda said that:

It is important that we are prepared to react to any changes in the circumstances, in a timely manner. This will ensure stability and efficiency in the payment and settlement system.

Also, to help the BOJ with this process, Kuroda revealed that the central bank is “drawing on the wisdom of various stakeholders both at home and abroad.”

It is possible to launch a CBDC

Kuroda’s latest remarks concerning the BOJ’s intention to launch a CBDC, however, come just a few days after the central bank said it is moving on to the next stage in testing the feasibility of a CBDC. In a recent statement, the BOJ announced the commencement of the new stage wherein it will “implement various additional functions of CBDC in the test environment developed in Phase 1.”

In a statement, the BOJ stated that it will investigate whether digital currency can be issued during phase 2.

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Terence Zimwara

Terence Zimwara was a Zimbabwe award-winning journalist and author. He is a prolific writer on the economic woes of African countries, as well as digital currencies that can be used to provide an escape path for Africans.