Japan is preparing to innovate and introduce robust payment systems as its economy gradually becomes without species.
The executive director of the Bank of Japan (BOJ), Kazushige Kamiyama, said that if the country did not yet have a firm position on the CBDC, he must develop other payment options as the company becomes more and more without money.
According to an article published on June 4, 2025 by Reuters, Kamiyama said that if banknotes are still in high movement in Japan, physical currency could see a sharp drop in use in the future while Japan quickly digitates.
“As such, Japan must consider the steps it can take now to ensure that its retail system of retail regulations is practical, effective and universally accessible while being sure and resilient,” he said.
He also explained that the Government and Parliament will decide on the CBDC issue and that they have not made any decision so far on this subject.
Boj still says no CBDC plan, but pushes digital payments innovation
Japan will not emit a digital yen for the moment, but Boj requires leveling of settlement systems in an era without species.
Move follows the global CBDC debate revived by the ban on Trump’s digital dollar. pic.twitter.com/thkdn2qqgd
– PIQ (@piqsuite) June 4, 2025
Boj still says no CBDC plan, but pushes digital payments innovationHowever, the country’s central bank conducted experiences and exchanged views with private companies on a digital yen, which could be launched if the country decided to issue CBDC.
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Asia seems to lead the CBDC load
The buzz around CBDC seems to reflect and flow and was widely modeled after President Trump prohibited work on CBDC in the United States. However, they seem to make a return to Asia, at least.
Several Asian countries have passed their CBDC tests and their pilot projects. The India CBDC pilot program, for example, has managed to provide tenants with direct agricultural loan producers.
In addition, the Reserve Bank of India (RBI) plans a cross -border CBDC driver because electronic traffic crossed Rs. 1016 crores (more than $ 118 million) on Rs. 232 crore (around 27 million dollars) in 2024. It also plans to enter into multilateral CBDC initiatives through the International Innovation Center (Bis).
In addition, the RBI reflects on the expansion of the use cases and the scope of the pilots wholesale of retail and electronic roupine. Plans are in place to improve the technical aspects of the aggregator framework in order to further improve transparency, convenience and efficiency.
Other Asian countries also warm CBDC. South Korea, for example, is piloting the piloting of two CBDC projects: Project Hangang for deposits in national tokenized and the Agorá project for cross -border payments involving several banks and institutions.
Interestingly, the Governor of the Bank of Korea, Rhee Chang-Yong, has personally visited the country’s six largest banks to defend the role of CBDC wholesale after the Bank of Plans to develop a joint stable, highlighting a potential rivalry between public and private currency efforts.
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Payment transition without Asia species
Driven by technological progress, the evolution of consumer behavior and government initiatives, Asia quickly passes to a society without species. The adoption of the unified payment system in India is underlined by the treatment of the network more than 131 billion transactions by the year 2023.
The Alipay and WeChat of China pay more than a billion users. In addition, cash transactions in China should only drop 3% by 2027. Beyond these Asian giants, other Southeast Asian countries such as Thailand and Singapore have adopted payments without species.
They have developed interoperable systems such as Promptpay and Paynow to allow cross -border transactions and reduce their dependence on Western credit card networks.
In particular, the proliferation of smartphones has been a catalyst for this transformation, in particular in regions with previously low banking penetration.
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Main to remember
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Japan has not yet decided its position on CBDC but has conducted experiences with a digital yen
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Asian countries like India and South Korea direct the CBDC load
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Asia quickly becomes a payment company without cash led by India and China
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