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BOJ Wants to Set ‘Common Rules’ on CBDCs With Major Central Banks: Report

The BoJ says a set of common rules would lay the groundwork for efficient cross-border payments.

Updated Sep 14, 2021, 12:38 p.m. Published Apr 8, 2021, 6:48 p.m.

A Bank of Japan (BOJ) official said on Thursday there is scope to lay out “common rules” around central bank digital currencies (CBDCs) with the world’s seven major central banks, according to a Reuters report.

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A set of common rules would lay the groundwork for efficient cross-border payments, said Kazushige Kamiyama, head of the BOJ's payments and settlement department.
The BOJ official said CBDCs play differing roles for advanced nations with a robust banking system and emerging economies that can use digital currencies to make up for shortfalls in their financial infrastructure.
“It’s, therefore, better to come up with common rules among countries with similar economic structures,” Kamiyama told Reuters in an interview. “As such, it’s desirable for the BOJ to discuss common rules with the six other major central banks.
On Monday, the BOJ kicked off the first phase of experimenting with CBDCs, having made the necessary preparations in the first quarter.
The seven major central banks mentioned by the BOJ official include the U.S. Federal Reserve and the European Central Bank.

Bank of Japan Cross-Border Payments CBDCs

Tanzeel Akhtar

Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.