Bank of Japan Is Going to Get Prepared for Cryptocurrencies

Haruhiko Kuroda, the Bank of Japan’s Governor, is sure that the first Japanese bank should get prepared for the era of digital finance. Reuters writes that at today’s meeting Kuroda said that they plan to experiment on their own CBDC in late 2021. The governor stressed that Japan should keep up with the other world’s banks in exploring the crypto space.

However, Kuroda said that currently they don’t plan to actually issue a CBDC. But he is sure they need to get prepared to the moment when it will be needed. The experiments will start to explore the field and be ready to respond to the changes and adopt the innovations.

At the moment, the leader in issuing CBDC is China. They’ve been working on it for a long time before implementing it in several cities. Also, India showed interest in issuing a digital rupee although it contradicts its general mistrust in cryptocurrencies that resulted in passing the bill to ban the possession of crypto in this country. 

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