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SOURCE ROOM

The Bank of Japan's Approach to Central Bank Digital Currency

Bank of Japan

Claims Supported by This Source

  1. The Bank of Japan currently has no plans to issue a CBDC, but it is important to be prepared to respond to changes in circumstances.
  2. There are wholesale and general purpose CBDCs; this approach focuses on the general purpose type for use by a wide range of entities, including individuals and firms.
  3. The basic issuance model is an indirect one that maintains the two-tiered structure of the central bank and the private sector.
  4. Basic characteristics of a general purpose CBDC: universal access, security, resilience (usable offline), instant settlement (finality of payment similar to cash), and interoperability.
  5. In Japan, the ratio of cash in circulation to nominal GDP is high, at around 20%. As long as there is demand for cash, we will continue to supply it.
  6. After Proof of Concept Phases 1 and 2, a pilot experiment will be considered if necessary.

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