Japan must pursue payment innovation as society becomes cash-less, BOJ official says

From channelnewsasia.com

Japan currently has no plan to issue a central bank digital currency (CBDC) but must continue innovating its payment and settlement system in an increasingly cash-less society, a senior central bank official said on Wednesday. Although banknote issuance remains high in Japan, usage of notes could fall significantly in the future amid rapid digitalisation, said Bank of Japan (BOJ) Executive Director Kazushige Kamiyama. "As such, Japan must consider what steps it can take now to ensure its retail settlement system is convenient, efficient, accessible universally, while being safe and resilient," he said in a speech. ... (full story)