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Bank of Japan brushes aside fears of China’s progress on digital yuan
- Monday | 19th October, 2020
TOKYO (Reuters) – No single digital currency will dominate global transactions if central banks strive to enhance their own settlement systems, a senior Bank of Japan official said, brushing aside fears China’s rapid progress on a digital yuan could upend markets. As with other central banks, the People’s Bank of China is likely developing a digital yuan mainly for the purpose of creating a stable, efficient settlement system, he added. “We’d like to keep tabs on what other central banks are doing and learn from them, not just from China but from other countries,” he said. But China’s progress toward issuing a digital yuan has prompted the government to reconsider and pledge in this year’s policy platform to look more closely at the idea. “We’re looking into CBDCs to enhance our settlement system, not to use it as a tool for monetary policy,” Kamiyama said, stressing a digital yen would co-exist with bank notes.
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