CBDC Preparation in Japan

Central banks around the world continue to work on Blockchain-based central bank digital currency (CBDC) projects. The Bank of Japan has called for a CBDC project. Bank of Japan Governor Haruhiko Kuroda said in a statement on the subject that the need to be prepared to issue central bank digital currencies (CBDC) that coexist with various other forms of money to offer a secure digital payment system to the public.

The Bank of Japan will launch a pilot program in April to test the use of the digital yen, making it one of a growing number of countries trying to catch up with China as the leader in CBDC launching.

Speaking at an event on financial technology he attended, Bank of Japan Governor Haruhiko Kuroda said:

“We aim to enable CBDC to coexist with various other forms of money. This is what we need and indeed what we will achieve in the future. We have several options for how and when to do this. It is our duty as a central bank to prepare ourselves to respond flexibly to any change in circumstances.“

China Aims To Raise National Blockchain Standards

Despite their strict stance on cryptocurrencies, Chinese authorities are actively developing the fintech industry with a strong focus on blockchain technology. On March 28, the Ministry of Industry and Information Technology (MIIT), a watchdog for the Chinese fintech industry, said it plans to improve blockchain technology development standards by 2025.

China plans to gain clarity on the design level of its blockchain and distributed ledger technology standards system later this year, giving the public until April 28 to provide further input on the draft. This development is also in line with China’s 5-year plan for the “National Economic and Social Development and 2035 Vision of the People’s Republic of China”, in which China has determined the year 2025 for certain technological developments. Such developments include digital industries, where blockchain is listed as a target to “get stronger” and the quality of industries such as communications equipment, key electronic components and key software will be improved.