No digital currency coming soon
Cash remains king and a digital currency isn’t coming any time soon from Japan’s central bank, according to deputy governor Masayoshi Amamiya Saturday.
“This is an option that can’t be taken” he said regarding a digital currency.
He said that cash remains widely used so a switch to digital currencies would be inconvenient. The BOJ also can’t rule out emergencies and that cash is the only medium of exchange when electricity is out.
Japan is one of a handful of developed countries that still overwhelmingly prefer to use cash (Germany is another). Only 20% of spending is done via cashless payment systems, according to a 2016 BOJ report.