Japan’s CBDC must co-exist with other payment methods, Central Bank Official says

The executive director of the Bank of Japan (BOJ), Shinichi Uchida, confirmed earlier today that the country would focus on simplicity and flexibility when designing its CBDC.

Mr. Uchida also wants “vertical co-existence” between the proposed digital yen and the existing payment options.

“To achieve vertical coexistence, a relatively simple central bank digital currency (CBDC) design is desirable for the private sector to use it as an ingredient.” Shinichi Uchida said in a speech.

Although Japan does not intend to launch a digital national currency anytime soon, efforts are ongoing within the BOJ to develop a CBDC.

Furthermore, the country’s apex bank has established a committee to exchange ideas with private sector representatives.

CBDCs have risen to attain a high significance level in recent months, even as major global financial institutions such as the Bank for International Settlements endorse it as a means to combat the rapid propagation of volatile cryptocurrencies.

NEXT: Mexico’s President shun crypto adoption talks

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