The Bank of Japan has chosen the model followed by Sweden, which creates the e-krona token, for the launch of the digital version of its own currency.
Bloomberg has reported citing the representative of the Central Bank of Japan, Kazushige Kamiyama, that the structure and design of the central bank’s digital currency will be borrowed, in part or in full, from the digital krone.
As a result, Japan has abandoned the Chinese model with its many CBDC trials. Kamiyama has stressed that Tokyo will work with regulators from other countries, including the Federal Reserve and the European Central Bank, in the implementation of this project.
The central bank of the country expects to create such an instrument that will be compatible with other CBDCs.
87 states, which account for up to 90% of the global economy, are currently exploring options for creating their own tokens.