Finance Ministry asks experts to assess feasibility of using digital yen

Apr 22, 2023 | News On Japan

Apr 22, 2023 (NHK) - A panel of experts set up by Japan's Finance Ministry has agreed to compile a report by around the end of this year on the feasibility of a digital yen backed by the central bank.

Europe, the United States and China are already exploring the viability of digital currencies that can be used as legal tender. The Bank of Japan began a pilot program for a digital yen this month, involving commercial banks and other private firms.

The Finance Ministry's panel of economic and legal experts met for the first time on Friday. Ministry officials said that emerging and developing nations have also begun studying the issuance of digital currencies.

Some panel members said protection of privacy will be a key concern, as digital currency transactions can be recorded in detail and the data can be used for various purposes.

Others warned against blocking innovation by private firms offering digital settlement services, or stifling competition between them.

Source: ANNnewsCH

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