Japan will refuse to issue a central bank digital currency (CBDC) if the idea is not supported by the public. Bloomberg writes about this with reference to the head of the payment systems department of the local regulator Kazushige Kamiyama.
The authorities see CBDC as a way to improve the efficiency of the payment system and to supplement cash, not a replacement, he said. There is no final decision on the issue of a digital asset yet.
“In the end, we cannot continue to work without getting enough understanding from the community,” Kamiyama said.
The authorities are counting on expanding access to a possible digital currency through fintech companies. Kamiyama noted that at this stage, the regulator is deciding whether they need a special license.
Earlier, the Bank of Japan established a working group to study CBDC and participate in joint research with regulators from other countries.
Recall that a similar group was gathered by the central bank of the Philippines. Experts stated the need to further study the possibility of issuing state digital currency.