TOKYO:
In efforts to catch up with China and private projects such as Facebook Inc's plan to issue its own virtual token, seven major central banks – including the BOJ – last week laid out key principles for issuing CBDCs. 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.
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. By sharing information on CBDC platforms, major central banks can make them mutually compatible and connect them in the future to offer cross-border settlement services, he said.
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