Treasury releases minutes of Central Bank Digital Currency (CBDC) expert meeting

adminDecember 30, 2023

The Ministry of Finance announced the minutes of the 8th CBDC (Central Bank Digital Currency) Expert Meeting held on December 13. NHK reported that a liaison meeting will be held next month with the Bank of Japan and related ministries attending to discuss legal issues.
The main contents of the minutes are as follows:

CBDC is expected to become a convenient tool for everyday micropayments. Although no decision has yet been made regarding the introduction of CBDC, we hope that it will be implemented in a way that is helpful to people’s lives.
It is important that the “Summary” includes the idea of “Privacy by Design.” In order to materialize this in the future, consideration from a governance perspective will be necessary. Additionally, carrying out specific responsibilities for handling personal information helps increase trust.
We hope that CBDC will become an infrastructure that complements and promotes the payment functions provided by the private sector, but we will continue to think about ways to flexibly respond to changing circumstances without being too future-oriented. I have to go.
In the case of cash, ownership and ownership are the same, but CBDC is an intangible object, so it will provide an opportunity to rethink what money is, what digital assets are, and what payments are.
Future changes in technology and environment cannot be predicted, so please consider various options and respond flexibly to future considerations. Ideas that leverage the unique advantages of digital technology are also important.
Although it has not yet been decided whether CBDC will be introduced, it is expected to have a potentially large impact if introduced. This could have significant implications for private business and may require significant legal changes to the monetary system. If CBDC is introduced overseas, securing interoperability may become a new issue. It is important to think carefully about these issues before deciding to introduce a CBDC.

Amid growing discussions on CBDC in Japan, stablecoins issued by private companies are expected to appear in Japan by mid-2024.
｜Written by CoinDesk JAPAN Editorial Department ｜Photo: Shutterstock

window.fbAsyncInit = function()
FB.column(
App ID: ‘592401157873165’,
Cookies: Actually,
xfbml: true,
Version: ‘v3.2’
);
FB.AppEvents.logPageView();
;
(function(d, s, id)
var js, fjs = d.getElementsByTagName(s)(0);
if (d.getElementById(id)) return;
js = d.createElement(s); js.id = ID;
js.src = “https://connect.facebook.net/en_US/sdk.js”;
fjs.parentNode.insertBefore(js, fjs);
(document, ‘script’, ‘facebook-jssdk’));

Ministry of Finance releases meeting minutes of expert meeting on CBDC (central bank digital currency) | CoinDesk JAPAN appeared first on Our Bitcoin News.

adminDecember 30, 2023