Bank of Japan shelves on plans to launch own digital currency


  • The BoJ will not create a national cryptocurrency but plans to keep up with innovations in the digital industry.
  • The Bank of Korea announces a 10-year strategy for developing a CBDC.

The central bank in Japan has once again confirmed that it has no plans for issuing a digital currency like the People’s Bank of China (PBOC). However, the Bank of Japan (BoJ) said that it intends to keep up with the rapid innovation in the cryptocurrency industry. In addition to that, the BoJ will be tracking the innovation in the private sector especially related to digital currencies.

Japan is one of the nations with progressive cryptocurrency regulations. All the exchanges operating in the country are expected to register with Japan’s Financial Services Agency (FSA). The regulatory watchdog has also allowed the exchange companies to self-regulate themselves.

China’s digital currency finally in trial

On the other hand, China has made tremendous progress with the development of its own digital currency. The PBOC controlled digital yuan is already in trial in four Chinese cities. A bigger trial is expected during the next Olympic Games. However, if the ongoing tests are successful, a rollout could be as soon as 2021. In other words, the exact date for the launch remains unknown.

Bank of Korea announces strategy “BOK2030”

The Bank of Korea said that it has plans to develop a central bank digital currency (BCDC) in the next ten years. Its strategy for the digital currency has been dubbed “BOK2030.” A digital team dedicated to the project would be put in place to study the areas of artificial intelligence, big data as well as blockchain. A statement by a central bank official during the 70th anniversary on Tuesday said:

“We will carry out in-depth research on AI, big data and blockchain to be in line with the rapidly-changing digital innovation here and abroad, which will help the central bank deliver more sophisticated economic forecasts and statistical data.”

 

 

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