Japan to model digital yen tests on Sweden’s approach, not China’s

Apr 19, 2022 | News On Japan

Apr 19, 2022 (theedgemarkets.com) - The Bank of Japan (BOJ) will explore the design issues of a central bank digital currency (CBDC) in measured steps like Sweden rather than pressing ahead with large-scale pilot tests like China, according to the BOJ’s point man on digital yen research.

“Sweden’s staged and planned expansion of experiments is a better fit for us than China’s big-scale tests from the get-go,” Kazushige Kamiyama, the head of the BOJ’s payment system department, said in an interview.

“The framework and design of the central bank digital currency need to be decided as a part of an overall settlement system for the future,” he added.

Kamiyama also said studies would continue in close cooperation with other major central banks including the US Federal Reserve and European Central Bank in remarks that suggest the BOJ is looking to proceed with its research cautiously while ensuring compatibility with other potential CBDCs.

Earlier this year, China took a further step towards a full-scale launch of its digital currency by introducing it to a wider range of users at the Beijing Winter Olympics.

Sweden’s Riksbank, meanwhile, has focused on smaller-scale technical research including a test this year to see if an e-krona can fit into a settlement system with other digital payment providers.

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