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Japan Pushes for Cashless Payment as it Tries to Catch up with the Rest of Asia

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Japan is preparing to innovate and introduce solid payment systems since its economy gradually becomes no cash.

The executive director of the Bank of Japan (Boj) Kazushige Kamiyama said that although the country has no stopping position on the CBDC, it must develop other payment options since the company becomes increasingly without cash.

According to an article published on June 4, 2025 by Reuters, Kamiyama said that while banknotes are still in high circulation in Japan, the physical currency could see a strong decline in use in the future while Japan digitizes quickly.

“As such, Japan must consider what steps can use now to ensure that its detail settlement system is convenient, efficient and universally accessible despite being safe and resilient,” he said.

He also explained that the government and Parliament will decide the issue of CBDC and that so far they have not made any decision regarding the issue.

However, the country’s central bank has conducted experiments and exchanged opinions with private companies on a digital yen, which could be launched if the country decides to issue CBDC.

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Asia seems to drive the CBDC charge

The buzz around the CBDC seems to eliminate and flow and has been widely subjected after President Trump has banned work on the CBDC in the United States. However, they seem to return at least to Asia.

Several Asian countries have been successful in their CBDC tests and pilot projects. The CBDC pilot program of India, for example, has been successful in providing tenants in the country in the country, direct agricultural loans.

In addition, the Reserve Bank of India (RBI) is taking into consideration a cross-border CBDC pilot since the circulation of e-Rupy has crossed RS. 1016 Crore (over $ 118 million) from RS. 232 Crore (about $ 27 million) in 2024. It is also taking into consideration the idea of ​​entering multilateral initiatives of the CBDC through the Hub of Innovation Bank of International Settlements (bis).

In addition, the RBI is expanding the cases of use and the scope of the wholesale pilots both to the retail of e-Rupia and in e-Rupia. Plans are underway to improve the technical aspects of the aggregator framework to further improve transparency, convenience and efficiency.

Other Asian countries are also heating up to the CBDC. South Korea, for example, is testing two CBDC projects: project Hangang for national tokenized deposits and Agorá for cross -border payments that involve multiple banks and institutions.

It is interesting to note that the governor of the Bank of Korea, Rhee Chang-Yong, personally visited the six largest banks of the nation to support the role of wholesale CBDC after the announcement of the Bank of Piani to develop a joint Stablecoin, highlighting a potential rivalry among public and private currency efforts.

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Payment transition without cash of Asia

Driven by technological progress, by the change in consumer behavior and government initiatives, Asia is rapidly passing through a unparalleled society. The adoption of the unified payment system in India is underlined by the elaboration of the network of over 131 billion transactions within the tax year 2023.

China Alipay and Wechat pay the bill for over 1 billion users. In addition, cash transactions in China should drop to 3% by 2027. In addition to these Asian giants, other countries in the Southern Southern Asian such as Thailand and Singapore have embraced without cash.

They developed interoperable systems such as PromptPay and PayNow to allow transfrontier transactions and reduce their dependence on western credit cards networks.

In particular, the proliferation of smartphones was a catalyst for this transformation, especially in the regions with previously low banking penetration.

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Keyway keyway

  • Japan has not yet decided on its position on CBDC but has conducted experiments with a digital yen

  • Asian countries such as India and South Korea are guiding the CBDC charge

  • Asia is rapidly becoming a payment company without cash led by India and China

The post Japan pushes the payment without cash while trying to recover the rest of Asia appeared first out of 99 bitcoins.

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