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Japan's Finance Ministry to Explore Digital Yen Feasibility: Report
Bank of Japan officials have said they don't have concrete plans to issue a digital currency.
Japan's finance ministry plans to launch an expert panel next month to explore the feasibility of a central bank digital currency (CBDC), or digital yen, public broadcaster NHK reported without saying where it got the information.
The panel is expected to discuss the creation of a framework for a digital currency using the findings of more than two years of proof-of-concept experiments conducted by the Bank of Japan. A digital yen pilot program involving the BOJ and other financial stakeholders starts at the same time.
STORY CONTINUES BELOW
The ministry plans take into account the opinions of the panel and prepare for the possible introduction of a digital yen even though BOJ officials have said they don't have any plans to issue one, according to the report.
As president of the Group of Seven (G-7) industrialized nations this year, Japan is planning to steer tougher global crypto regulations, Kyodo reported earlier this week.
Read More: Japan Embraces Web3 As Global Regulators Grow Wary of Crypto
Amitoj Singh
Amitoj Singh is a CoinDesk reporter focusing on regulation and the politics shaping the future of finance. He also presents shows for CoinDesk TV on occasion. He has previously contributed to various news organizations such as CNN, Al Jazeera, Business Insider and SBS Australia. Previously, he was Principal Anchor and News Editor at NDTV (New Delhi Television Ltd.), the go-to news network for Indians globally. Amitoj owns a marginal amount of Bitcoin and Ether below CoinDesk's disclosure threshold of $1,000.
