明年发行？“数字日元”浮出水面

Core Viewpoint - Japan is transitioning towards a cashless society, with the introduction of a digital yen by Japan Post Bank aimed at facilitating digital financial transactions and leveraging blockchain technology [1][3]. Group 1: Digital Yen Introduction - Japan Post Bank plans to launch a digital yen (DCJPY) by the end of the fiscal year 2026, allowing its 120 million account holders to easily conduct digital financial transactions [1][3]. - The digital yen will be fully backed 1:1 by legal yen and will enable instant transactions for tokenized securities without any exchange fees [3]. - The initiative aims to attract younger consumers by reducing transaction settlement times from days to instant [3][7]. Group 2: Regulatory and Security Considerations - The Financial Services Agency of Japan is set to approve its first yen-denominated stablecoin, issued by fintech company JPYC, in the fall [4]. - Concerns regarding the balance between necessary regulation and privacy protection in the context of digital currencies have been raised [4][6]. - The Bank of Japan is considering how to provide central bank funds while improving private sector payment systems and ensuring a secure digital payment infrastructure [4][6]. Group 3: Historical Context and Challenges - Japan has been cautious about retail digital currencies, with experiments dating back to 2016 and a focus on legal implications since 2018 [5][6]. - Concerns include the reliance on cash among the elderly, the impact of natural disasters on digital currency usage, and potential financial instability during crises [6][7]. - The central bank's issuance of digital currency could disrupt traditional banking functions and lead to financial disintermediation [6]. Group 4: Shift Towards Cashless Society - The cashless payment ratio in Japan has increased from 13.2% in 2010 to 42.8% in 2024, indicating a significant shift in consumer behavior [7]. - The emergence of digital currencies is expected to further accelerate the transition to a cashless society, with policymakers viewing this shift as crucial for enhancing productivity and integrating Japan into the global market [7][8]. - The Bank of Japan emphasizes that digital currencies will not replace physical cash but will serve as a complementary option [8].