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Japan stops development of its own CBDC due to lack of interest

Japan has been working on digital central bank money since 2021.

By Mike Hesp
• 2 min read
Japan stops development of its own CBDC due to lack of interest

Japan has been working on digital central bank money since 2021. But the public doesn’t want it. According to Asia Times, the Bank of Japan is putting its work on a digital central bank currency (CBDC) on ice.

Reason: lack of interest from the public. The available payment services, such as credit cards, PayPal, and the like, are enough. Digital central bank money is a virtual copy of the respective national currency, programmed on a blockchain, but controlled by central banks.

World governments are almost all working on their own form of a digital central bank money. China has already rolled out the e-yuan. It doesn’t seem to be very successful in the People’s Republic. A digital dollar is at the top of Biden’s agenda.

Critics like Edward Snowden view CBDCs as a major threat to citizens’ financial independence. "The government can take our money out of our wallets with one click," says the NSA whistleblower.

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