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1 October 9, 2020 B a n k o f J a p a n The Bank of Japans Approach to Central Bank Digital Currency Digitalization has advanced in various areas at home and abroad on the back of rapid development of information communication technology. There is a possibility of a surge in public demand for central bank digital currency (CBDC) going forward, considering the rapid development of technological innovation. While the Bank of Japan currently has no plan to issue CBDC, from the viewpoint of ensuring the stability and efficiency of the overall payment and settlement systems, the Bank considers it important to prepare thoroughly to respond to changes in circumstances in an appropriate manner. I. Expected Functions and Roles of CBDC Introducing a Payment Instrument alongside Cash might provide general purpose CBDC as a payment instrument alongside cash. As long as there is public demand for cash, the Bank will stay committed to supplying it.2345 Introduction Digitalization has advanced in various areas at home and abroad on the back of rapid development of information communication technology. This trend is likely to accelerate rather than reverse in the post-Covid-19 era. On the other hand, if CBDC were to be issued, extensive and large-scale efforts would need to be made, including an exploration of information technology (IT) systems and institutional arrangements. While Payment and Settlement Statistics 0 10 20 30 40 50 60 70 80 90 11 12 13 14 15 16 17 18 19 Code payments Debit cards Electronic money Credit cards tril. yen FY6 I. Expected Functions and Roles of CBDC CBDC is a new form of digital central bank money that is different from current account deposits held by banks at a central bank (Figure 2). 1 CBDC is a payment instrument that is a direct liability of the central bank. It functions as a unit of account as it is denominated in legal tender. There are two main variants of CBDC. One is wholesale CBDC, in which a central bank provides to limited counterparties mainly for large-value payments among financial institutions. It has commonality with current account deposits held by banks at a central bank, in that it is digital central bank money available to a limited group of entities. Some view that, combined with the use of distributed ledger technology (DLT), wholesale CBDC could improve the efficiency of settling securities and derivatives transactions. Research has been conducted in Europe using wholesale CBDC and security tokens - securities in the form of digital vouchers that are issued and managed on a DLT platform - to enable faster settlement of funds and securities. 1 Issuer (Central bank or Others) Accessibility (Universal or Limited) Form (Digital or Physical)7 This paper focuses on the other variant, general purpose CBDC, which is intended for a wide range of end users, including individuals and firms. General purpose CBDC, in this case, would be considered as a complement to deposits at financial institutions. While many central banks have proceeded with consideration of general purpose CBDC recently, their motivations differ according to their circumstances. A. Introducing a Payment Instrument alongside Cash allows secure payments for anyone anywhere anytime - namely, cash. This role will be unchanged in the digital society. might provide general purpose CBDC as a payment instrument alongside cash. declining birthrate and aging population, as well as the population drain into urban areas, place upward pressure on cash distribution costs, thereby potentially8 making access to cash difficult depending on the region going forward. In connection with this point, according to the Banks Opinion Survey on the General Publics Views and Behavior, when asked for factor(s) that would encourage respondents to start using or make more use of mobile payments, the percentage of respondents who selected stronger security protection would be provided marked the highest among the choices offered (Figure 3). Moreover, cash seems to have an advantage over private digital money in terms of the geographic availability of services and settlement finality (i.e., settlement of an obligation becomes irrevocable and unconditional when the payment is made to the recipient).9 It should be noted that, public confidence in banknotes has been consistently high due to their cleanliness and the low number of counterfeit ones in Japan. As long as there is public demand for cash, the Bank will stay committed to supplying it. In this sense, CBDC would not be a substitute for cash but would co-exist and become a complement to it. Most places accept cash The payment is completed on the spot Using cash prevents overspending as I can only spend what I have The payment is completed easily No fees or commissions are required Cash is highly reliable as a payment instrument I do not feel secure when using payment instruments other than cash The payment process is quick Cash offers high degree of anonymity Other than the above 0 10 20 30 40 50 60 70 80 Mar-18 Jun-20 % Opinion Survey on the General Publics Views and Behavior Stronger security protection would be provided Mobile payments would become simpler and easier More benefits such as reward points would be offered Numbers of places and entities accepting mobile payments would increase Clear and helpful guidance on the use of mobile payments would become available Reliability of firms offering mobile payment services would be improved Higher degree of anonymity would be ensured Other than the above 0 10 20 30 40 10 users point out issues such as discrepancies in services available in stores and incapacity to execute person-to-person transfers across payment platforms. There is a concern that, unless network effects are enhanced through cooperation among banks and non-bank PSPs, customer convenience will not improve and banks and non-bank PSPs will end up wearing themselves out in the process. On the other hand, CBDC could contribute to improving convenience for the public and the efficiency of payment and settlement systems by interlinking various types of private digital money to make the exchange between them easier. initiatives such as1112 erving as the basis for PSPs to offer various new payment services13141516 here is a possibility of a surge in public demand for CBDC going forward, considering the rapid development of technological innovation. 2 3 2 3 Kiny Kenky1718 4 cooperation and role-sharing arrangements between a central bank and PSPs, limits on the amount of issuance/holdings 4 Payment and Settlement Systems Report Annex Series,19 5 extensive and large-scale efforts would need to be made, including an exploration of IT systems and institutional arrangements. 5
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