Bank of Japan Governor Kazuo Ueda has announced plans to conduct experimental trials using blockchain technology for the settlement of current account deposits, commonly known as reserves. This initiative marks a significant step in the central bank’s exploration of distributed ledger technology (DLT) to enhance the efficiency and speed of interbank transactions. Governor Ueda stated that the pilot program will evaluate whether a blockchain-based system can provide more resilient and flexible settlement infrastructure compared to traditional centralized ledger systems. While the Bank of Japan continues to study the feasibility of a retail central bank digital currency (CBDC), this specific project focuses on wholesale settlements between the central bank and private financial institutions. The results of the test are expected to inform future policy decisions regarding the modernization of Japan’s core financial architecture and its alignment with global digital finance trends.
Source: Bank of Japan to test blockchain-based reserve settlement: Governor Ueda
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