“As for how to proceed with the pilot program, we will start the experiments with limited objectives, gradually expanding the scope of our experiments in a staggered and planned way”, he added.
According to Uchida, if a CBDC were to be issued in the future, “exploring its framework in a phased manner and engaging in very transparent communication with the private sector are necessary steps for its adoption in society.”
“Other advanced economies have taken similar approaches. A payment method is not something that becomes the norm once an ideal deal is brought into the world. Considering that a large number of people are involved in the circulation of cash, it is easy to imagine that various configuration changes and preparations will be necessary for a CBDC to be widely adopted. It is essential to develop institutional arrangements that satisfy all parties involved, and proceed accordingly. The pilot program, which we are about to launch, is the first step in this process”, he explained, while underlining the BoJ’s “commitment” to “design a CBDC that is acceptable to both society and users”.
Likewise, the Japanese authorities are also considering lifting the ban on foreign stablecoins, a regulation that came into force in 2022.
At the end of 2022, the Government of Japan agreed to soften the corporate tax for cryptocurrencies, a move that the sector understood as a sign of confidence after the bankruptcy of FTX.
Source: Ambito
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