The Ministry of Finance in Japan is set to hold a meeting of experts on April 21 to discuss the development of a central bank digital currency (CBDC). The move comes after the Bank of Japan launched a pilot programme this month to test the use of a digital yen.
The nine-member panel, consisting of academics, economists, a lawyer, and a consumer group representative, will meet regularly and produce a report on the matter by the end of this year.
Numerous central banks worldwide are pursuing the creation of digital currencies to update financial systems and ease domestic and international transactions.
However, Japan remains undecided on whether to issue a CBDC, and the Bank of Japan has stated that the pilot programme could last several years.
A finance ministry official stated, “We understand the BOJ’s study is making steady progress, but we have not yet decided whether Japan will issue a CBDC.”
The BOJ and the Financial Services Agency will attend the panel sessions as observers.