Japan c.bank to seek digital yen with ‘simple’ design, BOJ official says



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A Japanese yen note is visible in this illustrative photo taken on June 1, 2017. REUTERS / Thomas White / Illustration / File Photo

TOKYO, Oct. 15 (Reuters) – Any digital currency issued by the Bank of Japan should have a simple design that private companies can use to develop financial and payment services for customers, a senior central bank official said on Friday. .

If central banks were to decide to issue digital currencies, they must coexist with private sector payment services, BOJ executive director Shinichi Uchida said.

“To achieve vertical coexistence, a relatively simple design of central bank digital currency (CBDC) is desirable for the private sector to use as an ingredient” to develop various services, he said during a speech.

For example, private entities could develop services that allow customers to use both CBDC and private payment methods with a single wallet, Uchida added.

Global central banks have stepped up efforts to develop their own digital currencies to modernize financial systems and speed up domestic and international payments.

The BOJ said it currently has no plans to issue CBDCs. But it kicked off the first phase of experiments on CBDC this year and set up a regular panel to exchange views with the private sector, as part of efforts to ensure that any digital currency it issues does not suffocate. not private innovation.

Reporting by Leika Kihara; Editing by Sam Holmes

Our standards: Thomson Reuters Trust Principles.

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