Japan will refuse to issue a digital central bank currency (CBDC) if the idea is not supported by the public. Bloomberg writes about this with reference to Kazushige Kamiyama, head of the Payment Systems Department at the local regulator.
According to him, the authorities see the CBDC as a Bitcoin Lifestyle way to improve the efficiency of the payment system and as a complement to cash, not a substitute for cash. There is no final solution for the release of a digital asset yet.
„After all, we can’t continue without getting enough understanding from society,“ Kamiyama said.
The authorities are counting on Fintechs to increase access to a possible digital currency. Kamiyama said that at this stage the regulator is deciding whether they need a special licence.
Earlier, the Bank of Japan established a working group to study the CBDC and participate in joint research with regulators from other countries.
A similar group was assembled by the Central Bank of the Philippines. Experts stated that it is necessary to further study the possibility of issuing a government license for the CBDC.