Masayoshi Amamiya: Should the Bank of Japan issue a digital currency?

Speech by Mr Masayoshi Amamiya, Deputy Governor of the Bank of Japan, at a Reuters Newsmaker Event, Tokyo, 5 July 2019.

The views expressed in this speech are those of the speaker and not the view of the BIS.

I. Introduction

It is a great honor and pleasure for me to be able to speak to you today.

In recent years, the environment surrounding Japan's payment and settlement systems has gone through various changes. On the demand side, consumers seek more convenient payment services, such as those available during the nighttime and on holidays or low-cost international remittance services. Diversified lifestyles and the spread of e-commerce businesses have contributed to this. On the supply side, new devices - such as smartphones and IC cards - enabling the public to access payment services have continued to expand. In addition to traditional financial institutions, non-bank firms with strong capabilities in information technologies, or so-called FinTech firms, have started to provide cashless payments services.