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Deputy Governor of the Bank of Japan: Future monetary system design should not be limited to CBDCs and stablecoins

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ME News Report, May 17 (UTC+8), Deputy Governor of the Bank of Japan, Kōzō Hirano, delivered a speech at the Japan Financial Society Annual Meeting, calling for a "holistic approach" to designing the future global monetary system. He emphasized that options should not be limited to central bank digital currencies (CBDCs) and stablecoins; tokenized bank deposits and central bank reserves operated on blockchain could also be considered. Hirano stated that the United States bans the issuance of CBDCs and instead promotes stablecoins to reinforce the dollar's status as the global reserve currency, while Europe is committed to advancing the digital euro to address regional fragmentation in retail payment systems. He pointed out that the divergence in approaches indicates that future monetary system design must comprehensively consider technological feasibility, social costs, user convenience, financial stability, and monetary policy. "Japan is prepared for both paths," as it is leading the way with legislation for stablecoins while also advancing CBDC pilot projects. The Bank of Japan has currently launched a "sandbox project" to explore the technical feasibility of tokenizing central bank reserves and using them for blockchain payment settlements. Analysts note that introducing blockchain technology into reserve settlement could enable real-time, 24/7 clearing and reduce settlement congestion risks under stress scenarios. (Source: Foresight News)
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