Japan will prioritize simplicity in CBDC design, says central bank executive
While Japan’s CBDC plans are still in the research stage, Shinichi Uchida, an executive of the Bank of Japan (BOJ) has said simplicity will drive the central bank’s design thesis for the digital yen.
According to Reuters, Uchida made this known during a speech delivered on Friday calling for modalities to be put in place to ensure the CBDC co-exists with existing private payment channels.
For Uchida, vertical integration of the digital yen within the private sector payment matrix will require a simple CBDC design.
Part of this simple design could involve creating a framework for people to use both the CBDC and electronic payment services from one wallet enabling seamless switching between both channels.
According to Uchida, vertical integration
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