Haruhiko Kuroda, the head of the Central Bank of Japan, has said in a meeting of parliament the regulator has not yet decided on the launch of a digital version of the yen, Reuters reports.
According to him, the bank is experimenting with a central bank digital currency (CBDC) and will decide on the feasibility of launching it by 2026 after consulting with the government and the private sector. He added:
“The most important thing is that the idea gets enough public understanding.”
He also noted it is necessary to cooperate with Europe and the US in creating an international standard for issuing a CBDC.
Japan’s finance minister Shun’ichi Suzuki has said Tokyo is closely following the development of the digital yuan. China will test CBDC at the 2022 Winter Olympics in Beijing.