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” Bank of Japan official calls for G7 nations to adopt common crypto regulations “ A senior official from the Bank of Japan (BOJ) has warned G7 nations that a common framework for regulating digital currencies needs to be put in place as quickly as possible. G7 refers to the Group of Seven, an inter-governmental…
“# Former BOJ official warns against use of digital yen in the financial sector ” A former Bank of Japan (BOJ) official who reportedly headed the digital currency research is now advising against its use. According to a report published in the Japan Times, Hiromi Yamaoka, the former head of the BOJ’s financial settlement department,…
“# Japanese megabanks join consortium launching yen-based digital currency ” A consortium of roughly 70 Japanese companies, including the country’s biggest financial institutions, have joined forces to trial and launch a new yen-based digital currency in fiscal 2022, sending a strong signal that the private sector was embracing blockchain-based payment systems. The new digital currency,…
“# Asian CBDC projects: What are they doing now? ” The rapid growth of mainstream attention toward cryptocurrencies has forced the hands of numerous governments to create their digital alternatives. Over the past few years, interest from various jurisdictions has been pointed towards central bank digital currencies (CBDCs) — digital versions of government-issued fiat. Given…
“# Japan will prioritize simplicity in CBDC design, says central bank executive ” While Japan’s CBDC plans are still in the research stage, Shinichi Uchida, an executive of the Bank of Japan (BOJ) has said simplicity will drive the central bank’s design thesis for the digital yen. According to Reuters, Uchida made this known during…
“# Japan’s finance industry awaits clearer picture of digital yen in 2022 ” Japan will have more clarity on the design of its central bank digital currency no earlier than late 2022, according to a ruling party official. Hideki Murai, head of the ruling Liberal Democratic Party’s panel on digital currencies, said that the Bank…
“# Bank of Japan governor slams Bitcoin, calls BTC a speculative asset ” Haruhiko Kuroda, governor of the Bank of Japan, has joined the roll call of central bankers taking aim at Bitcoin (BTC) amid the current volatility. According to a report by Bloomberg on Friday, Kuroda argued against the value proposition of the largest…
“# Bank of Japan begins first digital currency proof of concept ” The Japanese central bank has launched a proof of concept for its central bank digital currency, or CBDC, according to an official announcement on Monday. Following initial preparations to test the technical feasibility of core CBDC functions and features in early 2021, the…
“# China and Japan go full steam ahead with CBDC pilots ” China and Japan are pushing forward with their respective pilots for central bank-issued digital currencies, or CBDCs. On March 26, Bank of Japan announced it had established the Liaison and Coordination Committee on Central Bank Digital Currency to convene with both the private…
“# Bank of Japan governor says CBDC preparation can’t wait until hour of need ” Japan is taking a measured but attentive approach to global interest in central bank digital currency issuance. In his latest remarks published on March 16, the Bank of Japan’s governor, Kuroda Haruhiko, noted that the institution has not changed its stance…