CBDC Preparation can’t wait till hour of need- Central Bank of Japan Governor

The Japan central bank Governor Kuroda Haruhiko said that in 2021 experiments with a domestic central bank digital currency will start.

Based on the worldwide interest in central bank currency issuance, Japan is taking a measured but attentive approach. Also, the Japan central bank has not changed its stance and still does not currently have a concrete plan to issue a CBDC.

It has been argued by Haruhiko that the lack of commitment of the bank, does not mean inactivity on the CBDC development and research front by any means.

The Central Bank posited that thy will soon start the first of several testing phases for its own CBDC proof-concept and that in this spring, it will start.

According to the Bank of International Settlements report, 86% of central bank globally are recently undertaking the downsides and benfits of CBDCs. Also of the 60% are already at an experimental or proof-of-concept of development.

Also, Haruchiko observed:

That it is not an apt policy response to begin considering CBDC only when the need to issue CBDC arises in the future and Central bank shares the view’


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