Thursday , July 29 2021
Home / Video / Bank of Japan governor says CBDC preparation can’t wait until hour of need

Bank of Japan governor says CBDC preparation can’t wait until hour of need

Summary:
Japan is taking a measured but attentive approach to global interest in central bank digital currency issuance. In his latest remarks published on Tuesday, Bank of Japan Governor Kuroda Haruhiko noted that the institution has not changed its stance and still does not currently have a concrete plan to issue a CBDC. However, this non-commitment does not mean inactivity on the CBDC research and development front by any means. In October 2020, Japan's central bank pledged to begin the first of several testing phases for its own CBDC proof-of-concept. Haruhiko has now confirmed that these are due to begin this spring. The governor underscored that, as per a Bank of International Settlements report, 86% of central banks globally are currently exploring the benefits and downsides of CBDCs.

Topics:
Bank of Japan considers the following as important:

This could be interesting, too:

European Central Bank writes ECB publishes an independent review of TARGET incidents in 2020

Bank of Japan writes Average Interest Rates by Type of Deposit

Bank of Japan writes Summary of Opinions at the Monetary Policy Meeting on July 15 and 16, 2021

Amol Agrawal writes Vatican moving towards financial transparency

Japan is taking a measured but attentive approach to global interest in central bank digital currency issuance. In his latest remarks published on Tuesday, Bank of Japan Governor Kuroda Haruhiko noted that the institution has not changed its stance and still does not currently have a concrete plan to issue a CBDC. However, this non-commitment does not mean inactivity on the CBDC research and development front by any means. In October 2020, Japan's central bank pledged to begin the first of several testing phases for its own CBDC proof-of-concept. Haruhiko has now confirmed that these are due to begin this spring. The governor underscored that, as per a Bank of International Settlements report, 86% of central banks globally are currently exploring the benefits and downsides of CBDCs. Of these, 60% are already at an experimental or proof-of-concept stage of development. Haruhiko noted:Haruhiko said that “From the viewpoint of ensuring the stability and efficiency of the overall payment and settlement systems, we consider it important to prepare thoroughly to respond to changes in circumstances in an appropriate manner.” Taking into consideration the “significant changes” that are underway in an increasingly digital society, he signaled that the bank is taking the opportunity to carefully weigh the various approaches to potential changes in central bank money provision. Haruhiko went so far as to group these emergent approaches under the theme of "Central Banking-as-a-Service." In his wider account of these trends, he argued that "as-a-service" is an emerging tendency in finance more broadly, transposed from earlier developments in the corporate and software spheres. This implies a move toward constructing business models that hinge on providing services on customer demand, rather than taking a traditional sales approach centered on products."Everything as a Service," as Haruhiko noted, now spans phenomena such as mobility-as-a-service (purchasing a mobility service rather than a car) and infrastructure-as-a-service, which increasingly makes it redundant for firms to own certain hardware. In the framework of finance, he summarized:The Bank of Japan has been tracking innovations across public and private finance closely, cooperating with the Bank for International Settlements and five other major global banks on CBDC research since January 2020  and devoting attention to issues such as offline availability when it comes to supporting a digital currency.





All data is taken from the source: https://cointelegraph.com/

Article Link: https://cointelegraph.com/news/bank-of-japan-governor-says-cbdc-preparation-can-t-wait-until-hour-of-need





#bank #worldcoinindex #bitcoinminingcalculator #cryptocurrencynews #cryptocurrencyexchange #cryptonews #cryptoexchange
Bank of Japan
The Bank of Japan (BOJ) also known as Nippon Ginko, is the central bank of Japan. The Bank is often called Nichigin for short. It has its headquarters in Chuo, Tokyo.

Leave a Reply

Your email address will not be published. Required fields are marked *