Bank of Japan prepares to test CBDC

Bank of Japan prepares to test CBDC


2021-03-22 10:57:00

Haruhiko Kuroda, Japan’s central bank governor, said the bank is expected to start testing the CBDC. These statements are made in Kurado’s speeches on the integration of financial and information systems.

Kuroda said officially the bank has not changed its stance, there will be no plans to issue CBDCs. Even so, he believes it is important to be prepared to respond appropriately to the changing circumstances. Kuroda said this test will be applicable if the CBDC is really in need in the future.

In his speech, Kuroda talked about the increasingly popular concept of service. After that, he emphasized on the banking services sector, where financial services were increasingly developed. His comments on CBDC are completely appropriate in the context of high consumer demand.

“Amid the dramatic changes that are happening with the advent of digital platforms, we will take this opportunity to carefully look at how we deliver CBDCs.”

The Bank of Japan is not the only central bank that is seriously considering the use of CBDCs. Only from the beginning of 2021, more than 3 countries have confirmed that they will accelerate the progress of CBDC. China continues to test CBDC copper with airdrops for the people, and Turkey and Russia will also begin to deploy CBDCs later this year.

It can be said that the crypto fever is being pushed to its peak. Stablecoin and CBDC are still competing to confirm their position in the market. The world is becoming more and more digital, countries have to adapt to reality to gain an advantage on the international arena.

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