There are no plans for a national digital currency in Japan

According to Cointelegraph, the Governor of the Bank of Japan, Haruhiko Kuroda, said there is no public demand for a central bank digital currency (CBDC) in the country.

Also, MUFG Bank, the largest bank in Japan, has denied reports that it would have concrete plans for launch a digital currency in Japan next year.

During his speech at the symposium for the 35º anniversary of the Information Systems Center of the Financial Industry on December 4, Kuroda commented on the challenges posed by global private bank currencies and the Central Bank Digital Currency (CBDCs). The governor of the Central Bank concluded that there is currently no reason to issue a CBDC in the Asian country:

“In Japan, the amount of outstanding cash continues to increase, and there seems to be no demand for CBDC from the public today. However, the Bank of Japan has been conducting technical and legal research on this issue in order to be prepared for when the need for the CBDC in the future arises. The Bank also needs to study the impact of CBDCs on financial intermediation ».

While the governor does not currently see a reason for Japan to issue its own digital currency, he admits that "there is a wide variety of private digital money denominated in yen" and that it encourages its use, as well as its improvement with the goal that its characteristics get closer to what is expected of a CBDC.

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