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Japan to Discuss Central Bank Digital Currencies with Canada, UK, and Other Countries

News
Thu, 02/06/2020 - 19:45
Alex Dovbnya
The Bank of Japan to meet with other central banks to discuss the potential issuance of central bank digital currencies
Cover image via 123rf.com

The governors of the six leading central banks, including the Bank of Japan and the European Central Bank, are expected to meet this April to discuss the ins and outs of issuing a central bank digital currency. 

The Japan Times reports that the meeting is going to take place in Washington during a forthcoming IMF conference. 

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Takako Masai, a board member of the Bank of Japan, confirmed that there are no plans to issue a digital currency as of now.

"We need to make an effort so we’re ready to respond, in case public demand for central bank digital currencies rises dramatically,” Masai said. 

Central bankers will focus on discussing their key findings in the realm of digitalization before publishing a research paper later this year. 

As reported by U.Today, The Bank of England joined forces with other central banks to form a task group for studying digital currencies.

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Meanwhile, the U.S. Federal Reserve recently revealed its intention to continue conducting research into a digital dollar, which would rival private initiatives such as Facebook's Libra. 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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