According to the official opinion of the Bank of Japan, all central banks should look deeper into the impact digital currencies have on the financial sector and the national economy. The president of the National Bank of Japan, Masayoshi Amamiya, believes that central bank digital currencies (CBDCs) should only be used for private purposes and transfers.

"If some countries want to implement the CBDC, they should first carry out detailed studies on how the CBDC may impact the financial system."

Amamiya also thinks that CBDCs are not a priority for developed countries. For example, according to him, Japan itself would not currently have any direct benefit from the CBDCs. He pointed out, in particular, other problems that the country should currently address, such as money laundering. According to him, the National Bank of Japan is in no haste to release its own digital currency and its launch is very unlikely in the next year, too.

This does not mean, however, that the development of the digital currency is not underway. Amamiya says it is only a matter of time before a special team is created to work on the digital yen. Experts from Canada, the UK, Sweden, and Switzerland have already been approached and asked to help create this digital currency.

However, according to Koza Yamamoto, a representative of the Japanese Liberal Democratic Party, development should begin immediately. He said that the sooner it starts, the better for the future of this nation. Yamamoto would like to see CBDC in Japan within two to three years.