Japan is not the only G7 economy where cash is still king, and that could complicate the roll out of CBDCs in so-called “advanced economies”.
On June 20, Asia Times ran an op-ed by Sayuri Shirai, a former policy board member of the Bank of Japan. First published by East Asia Forum, the op-ed relates the Bank of Japan’s decision to shelve its plans to introduce a central bank digital currency (CBDC). Given Japan is the third largest economy on the planet and is often at the cutting edge of technological advances, this is a major development. Yet, like most CBDC-related stories, it received next to no coverage in the international mainstream press.
Cash Still King in Tech-Obsessed Japan
Since 2021 the BoJ has been conducting experiments to test the technical feasibility of the core functions and features of a retail CBDC ecosystem. The second phase of testing began