Digital currency “Consideration of further gear up” BOJ Deputy Governor July 29, 18:17
Regarding electronic legal and digital currencies that countries such as China are preparing and examining, the Bank of Japan's deputy Governor Masayoshi Amamiya said in a speech on September 29, "I will step up gears and proceed with consideration," and conducted demonstration experiments. He showed the idea of accelerating research.
Deputy Governor of the Bank of Japan, Mr. Amemiya, gave a talk at the Japan Press Club on the 29th about the economic impact of the new coronavirus and future measures taken by the Bank of Japan.
"The experience with the new coronavirus may encourage innovation in payment systems by further increasing interest in cashless and digital payments," said Vice President Amamiya.
On top of that, although there are no plans for the BOJ to issue electronic legal and digital currencies that are being prepared and examined by countries such as China for the issuance, ``We can respond appropriately when needed in the future. As such, it is necessary to raise the gear further and proceed with the study.” The BOJ also expressed the idea of accelerating research through field trials.
The BOJ will focus on a specialized organization called the "Digital Currency Group" that it created this month, and will collaborate with overseas central banks and private companies to study technical research and legal issues.