BOJ forms panel to help guide central bank digital currency experiment – News 24-7 Live News 24-7 Live
BOJ forms panel to help guide central bank digital currency experiment

BOJ forms panel to help guide central bank digital currency experiment

Set to begin experimenting in how to operate a central bank digital currency, the Bank of Japan said it has formed a committee bringing together policymakers and lobbyists to help with the project.

By Leika Kihara

TOKYO (Reuters) – Set to begin experimenting in how to operate a central bank digital currency, the Bank of Japan said on Friday that it has formed a committee bringing together policymakers and lobbyists from the banking and finance sector to help with the project.

“While there is no change in the BOJ’s stance it currently has no plan to issue a central bank digital currency, we believe that initiating experiments at this stage is a necessary step,” BOJ Executive Director Shinichi Uchida said in opening remarks at the first meeting of the committee held on Friday.

The first phase of experimenting with a central bank digital currency (CBDC) will begin in April, and the BOJ aims to draw on the private sector for support and expertise.

The central bank will begin feasibility tests from April on the core functions and features required for CBDC. If necessary, the BOJ would then move ahead to a pilot programme that involves private payment service providers and end users, Uchida said.

News Source:- Business standard

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