No commitments have been made, but Japan looks to run experiments for a year, testing issuance, distribution and redemption of a CBDC. Pilots involving consumers could follow some time in 2022.
A lot of Asia seems to be moving in that direction. Thailand announced that the central bank will commence the testing stage as soon as the 2022 second quarter hits and they wish to integrate their CBDC in the next three to five years.
I read the subject line and for some reason I read that as CBD. And I’m like wow ok marijuana soon?? HAHA.
Impressive. My thought initially was that larger, more populous countries would take their time adopting or even experimenting, due to their size of banking and general financial infrastructure and bureaucracy. But China has completed knock down that assumption. Glad to see countries understand the future is now and they’re actually doing something about it.
No MJ for you!
China, I think, was the first country to even consider it.
Japan is also looking to implement new crypto regulation. Currently, the Ministry of Finance us upping its number of operatives, while the FSA is mainly working on the future of crypto regulations. The FSA also established a brand new division that will focus on crypto-related affairs, although we know nothing more of tis division, as of yet.
Reuters reported last Friday that the latest move by the Japanese officials is paralleled by the increasing worry of how privately held funds are influencing financial systems. Moreover, the regulators are also very interested in the consequences produces by the usage of stable coins
Stablecoins will be next in regulators cross hairs, if not already.
Publicly, they’re a problem because they could be used to launder money.
Privately, they’re a problem because they could destabilize economies by taking control away from central banks and the supply of money.
Very big deal in deed.
I agree. It’s only a matter of time.