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Kuroda says BOJ needs to be ready to issue digital yen

Agencies . Tokyo
29 Mar 2023 00:00:00 | Update: 28 Mar 2023 22:47:36
Kuroda says BOJ needs to be ready to issue digital yen

The Bank of Japan must be ready to issue central bank digital currencies (CBDC) that coexist with various other forms of money to offer the public a safe digital payment system, its governor Haruhiko Kuroda said on Tuesday.

The central bank will start a pilot programme in April to test the use of a digital yen, joining a growing number of countries seeking to catch up with front-runner China in launching a CBDC, reports Reuters.

“Ensuring the coexistence of CBDC with various other forms of money ... is something that we need to and will in fact achieve in the future,” Kuroda said in a speech delivered to a seminar on financial technology.

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