According to the Nikkei report, the Japanese government is all set to include the consideration of a CBDC in the Honebuto Plan for Economic and Fiscal Revitalization. The Honebuto Plan is the basis for Japan’s economic and fiscal policy, and the report says the Japanese government “will consider a CBDC while coordinating with other countries.” The news comes a few days after the central bank announcement that it will start experimenting with the digital yen to check its feasibility from a technical perspective.
Bank of Japan accelerates preparations for its CBDC.
The central bank of Japan has also been working on its national digital currency for quite some time now. Earlier, Kozo Yamamoto, Liberal Democratic Party (LDP) Member of the House of Representatives and a former official at the Ministry of Finance, urged Japan to implement CBDC. He had said that if Japan doesn’t issue a digital currency and people in the world use other digital currencies, the Japanese yen will be forgotten and lose its sovereignty. The Japanese government is now all set to include the consideration of a CBDC in the Honebuto Plan for Economic and Fiscal Revitalization.
Central banks across countries continue to research CBDCs.
Earlier this year, the central bank of Japan announced that it has begun experimenting with a central bank-backed digital currency. Japan’s central bank is not the only country that is experimenting with national digital currencies. The central banks of Britain, the eurozone, Japan, Canada, Sweden, and Switzerland reportedly announced a plan to collaborate on researching issuing digital currencies. China is all set to become the first major nation to issue a central bank-backed digital currency this year. The People’s Bank of China has been working on its CBDC for the last five to six years and is now very close to issuing it to the general public.
