Japan wants a post -criticism economy: Is the answer to Crypto? star-news.press/wp

Bank of Japan’s officials began to admit what seemed strange one day: that cryptocurrencies can one day become a major part of the daily payments in Japan – and perhaps even challenge the yen itself.

Although they stress that such a shift will not occur overnight, the idea that digital assets can reshape the scene of the country is no longer just speculation; It is increasingly dealt with as reasonable.

In a modern meeting with private sector partners participating in the Central Bank of the Central Bank of BoJ, CEO Kazushige Kamiyama He said While Japan still sees high levels of issuing banknotes, “the use of notes can significantly decrease in the future amid fast digitization.”

It was an increasingly difficult to ignore it. The country, once well -known, clinging to the paper balloon, was turning quickly. Government data Show Non -cash payments jumped to 42.8 % of all transactions in 2024, approximately three times from 13 % in 2010. Japan reached its official goal with 40 % on the specified date.

Bank of Japan does not make any promises yet. He did not decide whether it would be actually released in the digital yen – mainly its copy of the central bank’s digital currency – but the experimental program that started in 2023 is now working with maximum speed.

Although BOJ officials do not embrace Crypto as an alternative to FIAT, their increasing support for digital yen indicates that they see decentralized assets as a dangerous competitor in the payment area.

Kamiyama says Boj needs to think about how to maintain a retail payment system “comfortable, effective, and can be accessed globally, while it is safe and flexible.” This is where things become more guess.

The future where the encryption wins

Speaking during the weekend, Deputy Governor Boj Shinichi Uchida suggested something rarely what a central banker in Japan said: If BOJ fails in its primary duty – people may stop confidence in the yen. In this case, he warned that there is another tool that can enter.

In a digitally advanced society, Otchida said, there is no guarantee that the currency issued by the Central Bank of the sovereign nation will continue to work as an acceptable payment tool in general. ” Although he did not drop any names, he suggested that cryptocurrencies and stablecoins may eventually interfere to fill the gap.

However, Urchida was keen to say that he did not expect the money to disappear “any time soon”, but the fact that it raised the possibility of transcending the encryption in the yen – virtually or not – a lot says how the conversation in the central bank circles turned.

Where things are now

As of mid -2015, the Japanese economy is still fragile. The inflation was volatile, Hover A little 2 % higher in recent months. Slow growth, and BOJ is still moving with a long tail of stimulus after birth.

In that environment, digital payments gained ground, not only through CBDC discussions, but in the real economy. Local survey studies indicate that younger consumers are increasingly turning into mobile applications and rapid response icon systems. The use of encryption is still modest compared to South Korea or the United States, but it grows.

According to a report From BitBank Ventures, there are more than seven million active encryption calculations in Japan as of December 2024, a height of five million in early 2024. Bitcoin (BTC) and ETHEREUM (ETH) still are the most common, but the pills associated with yen or dollar are also gaining traction in border trade.

Then there is an organization. Japan has always had some of the world’s encryption arches. But recently, the organizers have shown more flexibility, especially when it comes to Stablecoins and their role in the payment infrastructure.

CBDC question

Even with high encryption dependence, BOJ still focuses largely on its digital width. CBDC is still in its active phase, as it includes tests with major Japanese banks such as MUFG, SMBC and Mizuho, ​​along with regional banks and technology companies.

Although the digital yen is not yet lived – and there is no official launch date – BOJ officials were talking more about the importance of this and the role he could play in the future economy in Japan. Uchida CBDC has been described as a “critical piece of infrastructure” that can help maintain the confidence of the audience in the yen. However, he emphasized that the demand for money will most likely remain. At least in the short term.

Globally, the race is also heating. The European Central Bank doubles the euro digital plans. In the United States, it is expected that the executive order for President Donald Trump, who prohibits the two digital dollars, will push forward – by politicizing it. Its movement, which some see as support for encryption and niches, moves, pushing other central banks to act faster.

For example, as Crypto.News mentioned earlier, JPMorgan Chase and Bank of America and other major banks are exploring the common Stablecoin to keep pace with the growing competition. According to what is mentioned, one idea is discussed to allow other banks to use Stablecoin. Some regional and community banks are said to have also explored a separate union of Stablecoin, although the details are still unclear.

Japan may not rush. But he is clearly preparing. This preparation now includes at least the amusement of the idea that Crypto can become more than just a marginal balance.