A senior Bank of Japan official said on Friday that any digital currency issued by the Bank of Japan should have a simple design that private companies can use to develop financial and payment services for customers.
Shinichi Uchida, executive director of the Bank of Japan, stated that if the central bank decides to issue digital currencies, they need to coexist with private sector payment services. In order to achieve vertical coexistence, a relatively simple central bank digital currency (CBDC) design is desirable for the private sector to use it as an ingredient to develop various services, Uchida added, for example, private entities can develop services , Allowing customers to use CBDC and private payment methods at the same time through a wallet.
Global central banks have stepped up their efforts to develop their own digital currencies to modernize the financial system and accelerate domestic and international payments.
