日本央行-日本央行对中央银行数字货币的方针对策（英文）-2020.12-19页_544kb

The Bank of Japan's Approach to Central Bank Digital Currency (CBDC)

Core Content

The Bank of Japan (BoJ) is closely monitoring the development of central bank digital currency (CBDC) in response to the rapid digitalization of payment systems driven by technological innovation. Although the BoJ currently has no plan to issue CBDC, it recognizes the importance of preparing for potential future needs to ensure the stability and efficiency of the payment and settlement systems in a digital society.

Main Functions and Roles of General Purpose CBDC

The BoJ is focusing on "general purpose" CBDC, which is intended for a wide range of end users, including individuals and firms. The expected functions and roles of such CBDC are as follows:

• Introducing a Payment Instrument alongside Cash: CBDC could serve as a complement to cash, especially if cash usage declines significantly. The BoJ is committed to maintaining cash supply as long as there is public demand.
• Supporting Private Payment Services: CBDC could help improve the interoperability and efficiency of private payment services by linking various forms of digital money, enhancing convenience for users.
• Developing Payment and Settlement Systems for a Digital Society: CBDC could act as a foundation for new payment services and innovations, contributing to the creation of stable and efficient payment systems in the future.

Key Features Required for CBDC

To ensure the stability and efficiency of the payment systems, the BoJ outlines the following core features that CBDC should possess:

• Universal Access: CBDC should be accessible to all users, with devices and cards designed for ease of use and portability.
• Security: CBDC must incorporate anti-counterfeiting technology and be secure against cyber threats and illicit activities.
• Resilience: The system should be available 24/7/365 and support offline transactions to ensure functionality during natural disasters.
• Instant Payment Capability: CBDC should offer instant and final settlement, similar to cash, to facilitate frequent and efficient transactions.
• Interoperability: CBDC must be compatible with existing and future payment systems, and have a flexible architecture to adapt to changes in the private sector.

The BoJ suggests implementing features such as universal access and resilience in phases, depending on the usage of cash.

Points to Be Considered

The BoJ emphasizes the need to consider several key aspects when developing CBDC:

• Price and Financial Stability: CBDC must be designed in a way that supports the BoJ's monetary policy objectives and maintains financial stability. This includes considerations on issuance limits, holdings, and remuneration.
• Promoting Innovation: The BoJ aims to support private payment service providers (PSPs) in innovating and offering new services, while ensuring that CBDC does not lead to market distortions or reduced innovation incentives.
• Privacy and Information Handling: The BoJ must balance privacy protection with the potential benefits of data utilization. It must comply with laws such as the Act on the Protection of Personal Information and AML/CFT regulations.
• Cross-Border Payments: The BoJ is interested in the potential use of CBDC for cross-border transactions, while monitoring developments in other central banks and promoting international standardization.

Next Steps

The BoJ has outlined a structured approach to exploring CBDC, which includes:

• Experiments: Conducting a Proof of Concept (PoC) to test the technical feasibility of CBDC's core functions, starting with PoC Phase 1 in early fiscal year 2021.
• Exploring Institutional Arrangements: Investigating the cooperation and role-sharing between the BoJ and PSPs, including economic design, IT standardization, and privacy protection.
• Coordination with Stakeholders: Engaging with domestic and international stakeholders to deepen understanding of CBDC and its impact, and to apply insights from various sectors such as banks, FinTech firms, and legal experts.

Conclusion

While the BoJ has no immediate plans to issue CBDC, it is actively preparing for the possibility of its introduction in the future. The approach focuses on ensuring the stability and efficiency of the payment systems, promoting innovation, protecting privacy, and considering the broader implications of CBDC on financial and monetary stability. The BoJ aims to proceed with a phased and careful implementation of CBDC, with experiments and stakeholder coordination as key components of its strategy.