Governors of six major central banks will meet in April in Washington to discuss digital currencies.
Takako Masai, a board member at Bank of Japan, said no timetable has been fixed for the meeting, but the central banks should respond to the rapid growth of digitalization.
Masai also said:
“In Japan, we don’t have any plans now to issue central bank digital currencies (CBDC). But we need to make an effort so we’re ready to respond, in case public demand for central bank digital currencies rises dramatically.”
The central banks will likely issue a joint report on the adoption of digital currencies later this year.
Cryptolydian earlier reported that The Bank of England has teamed up with the central banks of Canada, Japan, the EU, Sweden and Switzerland to explore the possibility of launching CBDC.
They formed a working group with the Bank for International Settlements (BIS), through which they can share their expertise and take the necessary procedures in this regard.
“The group would assess CBDC use cases; economic, functional and technical design choices, including cross-border interoperability; and the sharing of knowledge on emerging technologies,” Bank of England said in a press release.
Several central banks across the globe started to explore different types of cryptocurrency, including the CBDC.
“The BoE has also trialled various cryptocurrencies initiatives before, but advances in blockchain technology may mean this “now might be the right time to try again,” said Bradley Rice, senior associate at law firm Ashurst.
Christine Lagarde, President of the European Central Bank (ECB), said the bank plans to actively develop its CBDC to facilitate cheaper and quicker payments for individuals and corporates.
The move is also aimed at overcoming an expected decline in the use of cash.