business

BOJ plans to experiment digital yen with megabanks next spring

17 Comments

The requested article has expired, and is no longer available. Any related articles, and user comments are shown below.

© KYODO

©2022 GPlusMedia Inc.

17 Comments
Login to comment

If the BOJ decides to issue a digital yen, one viable option will allow consumers to use the currency via a special app on their smartphones.

Japan's only special app, people had their experience with MySOS and Cocoa in the past.

1 ( +4 / -3 )

I never understood this concept. Money is already overwhelmingly digital. Even in Japan, the vast majority of money exists as electronic blips stored on servers rather than as paper and coins, while people commonly use apps or IC cards for transactions.

4 ( +4 / -0 )

Another nail in Bitcoin's coffin?

2 ( +3 / -1 )

It is all just a ploy to get people to spend money. For some people, it won't be a problem but for a large number of people, debts will become a huge problem.

2 ( +3 / -1 )

This is the economy of the final one world govt - DIGITAL. One cannot buy or sell it unless you have the roku roku roku mark.

1 ( +4 / -3 )

aimed at checking whether money deposits and withdrawals via bank accounts at commercial banks can be carried out smoothly with the use of a central bank digital currency

I thought the whole point of having CBDC was to eliminate the middle man "commercial banks" and have all transactions monitored and taxed properly at the source so we don't need to file for taxes every year. As someone mentioned above, we already have money "digitally" so this seems unnecessary if we are still using commercial banks.

2 ( +3 / -1 )

Since I do not carry a smart phone everywhere I go, I would prefer not to see the day when we are literally forced to…

0 ( +2 / -2 )

Blockchain technology and bitcoin showed us the way. The future is all digital. Nothing can stop it.

-1 ( +1 / -2 )

I thought the whole point of having CBDC was to eliminate the middle man "commercial banks" and have all transactions monitored and taxed properly at the source so we don't need to file for taxes every year. As someone mentioned above, we already have money "digitally" so this seems unnecessary if we are still using commercial banks.

That is part of it. Look at what China's doing with full control of the money supply... and therefore the people. That's the next step.

Eventually, if enough countries sign on to it, there'll be one world currency...

1 ( +2 / -1 )

Its all about control folks. Once the money is digital you will all be at the governments mercy. They will tell you where to spend, what to buy and when....and if you complain....you will be switched off. If the masses fall for this one, its game set and match. 1984.

-2 ( +4 / -6 )

The Japanese ( sheeple ) will buy it ( no pun intended ) hook, line and sinker in the name of ' Benri naa ' ( convenience ).

-2 ( +3 / -5 )

Japancat

You said it all in your 2 messages. Really frightening.

-1 ( +3 / -4 )

Still, challenges remain for a central bank digital currency to be issued and used widely by the general public. Authorities need to ensure that a CBDC can be used even in times of an emergency, such as natural disasters, and that it can be protected against counterfeits or cyberattacks.

This is not exactly a strong point in Japan, so I really hope they are getting as much help as possible.

After the current phase, the Japanese central bank is hoping to cooperate with the country's megabanks such as Mitsubishi UFJ Financial Group Inc. and Mizuho Financial Group Inc.

Mizuho is still in the middle of correcting their informatics problem with traditional banking, maybe it is not the best partner to include right now in this.

-2 ( +1 / -3 )

reason for it is very simple-to control you more.

2 ( +2 / -0 )

After the current phase, the Japanese central bank is hoping to cooperate with the country's megabanks such as Mitsubishi UFJ Financial Group Inc. and Mizuho Financial Group Inc.

Mizuho? The nerdy oyajis who can't even operate their own ATMs? Remember the 7-8 crashes they had last year?

This is poised to be a fun romp. Let me get the popcorn.

-1 ( +2 / -3 )

Cyber cash already proven bad. Stop playing with our hard earned CASH!

0 ( +1 / -1 )

The Japanese ( sheeple ) will buy it ( no pun intended ) hook, line and sinker in the name of ' Benri naa ' ( convenience ).

Maybe. But I find Japanese people I talk to to be far more aware of the serious dangers of CBDCs than Americans and Western Europeans.

2 ( +2 / -0 )

Login to leave a comment

Facebook users

Use your Facebook account to login or register with JapanToday. By doing so, you will also receive an email inviting you to receive our news alerts.

Facebook Connect

Login with your JapanToday account

User registration

Articles, Offers & Useful Resources

A mix of what's trending on our other sites