"Points Forming Lines, Evolving to Surfaces"(Opening Remarks at the 10th Meeting of the Liaison and Coordination Committee on Central Bank Digital Currency) — Tale-analyse

Opening Remarks by Executive Director KAMIYAMA at the 10th Meeting of the Liaison and Coordination Committee on Central Bank Digital Currency (Points Forming Lines, Evolving to Surfaces) : 日本銀行 Bank of Japan Skip to main content 日本語 English Home About the Bank About the Bank Outline of the Bank Outline of the Bank History List of Governors Location (Guide Map to Head Office) / Visiting the Bank Head Office, Branches, and Overseas Offices Archives Organization of the Bank Organization of the Bank Policy Board Responsibilities of the Governor, Deputy Governors, and Executive Directors Organization of Head office, Branches and Offices Laws and Rules The Bank's Accounts Activities Activities The Bank's Organizational Core Principles Medium-Term Strategic Plan Annual Review Business Continuity Planning Speeches and Statements Research Papers, Reports, Speeches and Statements Related to the Bank Research Papers, Reports, Speeches and Statements Related to the Bank Research Papers Speeches Statements Other Releases Tours and Museums Guides to the Bank Services Services Exchange of Damaged Cash Tours of the Bank's Head Office Climate Change Links Monetary Policy Monetary Policy Outline of Monetary Policy Outline of Monetary Policy Price Stability Target of 2 Percent Review of Monetary Policy from a Broad Perspective Monetary Policy Meetings Monetary Policy Meetings Summary of Opinions Minutes Others Monetary Policy Releases Monetary Policy Measures Monetary Policy Measures Market Operations Principal Terms and Conditions Outlook for Economic Activity and Prices Reports to the Diet Research Papers, Reports, Speeches and Statements Related to Monetary Policy Research Papers, Reports, Speeches and Statements Related to Monetary Policy Research Papers Speeches Statements Financial System Financial System Overview: The Bank's Initiatives for Financial Stability On-Site Examinations and Off-Site Monitoring Financial System Report Policy Actions for Financial Stability Coordination with the Financial Services Agency Seminars for Financial Institutions Other Releases Related to Financial System Other Releases Related to Financial System Research Papers Speeches Statements Payments and Markets Payments and Markets Outline of Payment and Settlement Systems Outline of Payment and Settlement Systems Payment and Settlement Systems and the Bank Oversight Forums Payment and Settlement Systems Operated by the Private Sector Operation of BOJ-NET JGB Book-Entry System FinTech Center Central Bank Digital Currency Money Market Money Market Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks Cross-Industry Forum on Interest Rate Benchmarks Study Group of Market Participants Repo Market Forum Bond Market Credit Market Forums and Conferences Research Papers, Reports, Speeches and Statements Related to Payment and Markets Research Papers, Reports, Speeches and Statements Related to Payment and Markets Payment and Settlement Systems Report Market Operations in Each Fiscal Year Market Functioning Survey concerning Climate Change Research Papers Speeches Statements Other Releases Related to Payment and Markets Banknotes, The Bank's Treasury Funds and JGS Services Banknotes, The Bank's Treasury Funds and JGS Services General Information of Banknotes and Coins General Information of Banknotes and Coins A New Series of Banknotes and a New 500 Yen Coin Banknotes and Coins in Use Security Features of Bank of Japan Notes Outline of Banknotes and Coins Related Releases Publications and Other Information Exchange of Damaged Cash Treasury Funds Services JGS Services The Bank's Transactions with the Government Research Papers, Reports, Speeches and Statements Related to Banknotes, Treasury Funds and JGS Services Research Papers, Reports, Speeches and Statements Related to Banknotes, Treasury Funds and JGS Services Research Papers Speeches Statements International Finance International Finance Outline of International Finance International Meetings Foreign Currency Assets Cooperation with Other Central Banks Financial Cooperation in Asia Research Papers, Reports, Speeches and Statements Related to International Finance Research Papers, Reports, Speeches and Statements Related to International Finance Research Papers Speeches Statements Other Releases Related to International Finance Research and Studies Research and Studies Outline of Research and Studies List of Reports & Research Papers BOJ Reports & Research Papers BOJ Reports & Research Papers Financial System Report Market Operations in Each Fiscal Year Payment and Settlement Systems Report Regional Economic Report Research Papers Working Paper Series, Review Series, and Research Laboratory Series Research Data Research Papers Released by IMES Study Group Reports Opinion Survey Conferences Alternative Data Analysis Discontinued Research Releases Statistics Statistics Outline of Statistics and Statistical Release Schedule Outline of Statistics and Statistical Release Schedule Notices of Changes and Corrections Explanations of Statistics Notices of Changes and Revisions Notes Bank of Japan Statistics Currency Financial Markets Financial Institutions Accounts Deposits and Loans Market Flow of Funds Related to BIS/FSB Payment and Settlement TANKAN Prices Public Finance Balance of Payments Related Statistics Discontinued Statistics / Revised Base Statistics Historical Statistics on the Web Site of IMES BOJ Time-Series Data Search Social Networking Site Management Policy About the Bank Home > About the Bank > Speeches and Statements > Speeches 2026 > Opening Remarks by Executive Director KAMIYAMA at the 10th Meeting of the Liaison and Coordination Committee on Central Bank Digital Currency (Points Forming Lines, Evolving to Surfaces) [Speech] Points Forming Lines, Evolving to Surfaces Opening Remarks at the 10th Meeting of the Liaison and Coordination Committee on Central Bank Digital Currency 日本語 KAMIYAMA Kazushige Executive Director of the Bank of Japan February 2, 2026 Full Text [PDF 177KB] Thank you very much for joining us today at the Liaison and Coordination Committee on Central Bank Digital Currency (CBDC). First, I would like to discuss recent domestic and international developments. In Europe, in October last year, the European Central Bank (ECB) announced its aim to issue a digital euro in 2029, assuming legal frameworks are established this year. This initiative seeks to utilize CBDC in the retail sector. The ECB has also announced efforts to advance initiatives in the wholesale settlement domain. Building on proof-of-concept (PoC) experiments conducted by national central banks in the European Union (EU), these efforts involve using distributed ledger technology (DLT) to link central bank real-time gross settlement (RTGS) systems with private-sector platforms, enabling the settlement of digital assets using central bank money. Meanwhile, various initiatives concerning stablecoins and tokenized deposits have emerged. Particularly notable is the movement in stablecoins. In response to the situation where over 90 percent of outstanding stablecoin balances are denominated in U.S. dollars, 10 European banks have announced plans to issue euro-denominated stablecoins in the latter half of this year. In Japan, three major banks have also announced joint efforts toward a PoC experiment for a yen-denominated stablecoin, with an eye toward its use in internal and external settlements by corporate entities. Against this backdrop of various domestic and international initiatives aimed at improving payment services, our own deliberations are also progressing. The Secretariat will provide a detailed explanation of the recent status of these deliberations shortly. So I would like to take this opportunity to look back a little further and talk about the deliberations we have conducted thus far, with your participation, and also outline what kind of deliberations we plan to conduct going forward, taking into account recent domestic and international trends. The Bank of Japan released "The Bank of Japan's Approach to CBDC" in October 2020, and the inaugural meeting of this Committee was held in March 2021, five years ago. At that meeting, we explained the core features that CBDC should incorporate and outlined the approach for PoC Phase 1, which began in April of that year. During the subsequent exchange of views, I recall that while expectations for innovative service provision were expressed, many concerns were also raised regarding the relationship with various payment services already offered by the private sector and the costs associated with adapting to CBDC. Building on the results of PoC Phase 1, which verified processing performance for ledger design patterns, we launched PoC Phase 2 in April 2022. This phase aimed to further verify the processing performance and reliability of the ledger system. We added features deemed desirable to confirm technical challenges early on, such as limits on CBDC holdings. We received numerous opinions from all of you, not only through discussions at this forum but also through various other channels. We compiled these active discussions and published them in May 2022 as the Interim Report of this Committee. This Interim Report, created with the expectation that it would serve as a starting point for broader discussions among stakeholders on the necessity of CBDC and the framework for its system, subsequently played that role as a foundation for the discussion at "the Expert Panel on CBDC," convened to organize the Design Outline of CBDC. In April 2023, following the conceptual verification conducted up to that point, the next step -- the pilot program -- began. Nearly three years after its launch, verification using the system for the pilot program -- designed to address privacy considerations and facilitate high-frequency transactions -- has been completed in one of the pilot program's two pillars: development of a system for the pilot program and experimentation. We are now evaluating high-load tests and identifying challenges for social implementation, such as scalability in performance and functionality. For the other pillar of the pilot program, the CBDC Forum, numerous private-sector firms that have engaged in private payment systems have been actively discussing a wide range of themes across seven working groups (WGs), accumulating findings. To summarize the results of experimentation using the system for the pilot program in a single sentence: At this stage, no critical technical issues preventing the social implementation of CBDC have been identified. However, the technical hurdles will vary depending on the content and scale of the system required for social implementation. Depending on the specifics, while not impossible, these hurdles could be undeniably high. In such cases, waiting for further technological innovation is one option. However, considering recent domestic and international environmental changes, such as the expansion of stablecoin and tokenized deposit initiatives mentioned at the outset, continuing with such an option is not appropriate. We must firmly recognize that the progress of a nation's payment system has path-dependent characteristics. Utilizing the discussions thus far, we need to advance efforts to enhance the safety and efficiency of payment systems, building systems suitable for a digital society. In this regard, with public interest in new payment services growing and expectations rising for discussions on the future of payment and settlement systems as a whole, the current timing seems ideal for advancing our efforts. Therefore, starting this spring, we have decided to integrate and reorganize the current seven WGs within the CBDC Forum into three discussion groups (DGs). This will enable more detailed, two-way discussions between the Bank of Japan and private-sector participants, with a view toward the future of payment and settlement systems as a whole, including CBDC. This operational review will enable us to broaden the scope of our discussions beyond the retail payments sector to include wholesale payment systems, covering topics such as DLT-related technologies and tokenization. We believe this will allow us to engage in deeper discussions on the ideal form of payment and settlement systems for a digital society. We intend to provide thorough feedback on the content of these discussions to this Committee. Looking back on the discussions in this Committee, I am reminded that individual pieces of information and knowledge eventually lead us to consider the "lines" they form when accumulated and the "surface" they constitute. I ask for your continued cooperation in our efforts to ensure that the discussions, which were once merely individual "points," solidly crystallize into the "surface" of the future of Japan's payment and settlement systems as a whole. This concludes my remarks. Thank you for your attention. 2-1-1 Nihonbashi-Hongokucho,Chuo-ku,Tokyo ( location ) Tel:+81-3-3279-1111 Services Exchange of Damaged Cash Organization Organization of the Bank Head Office, Branches, and Overseas Offices 2-1-1 Nihonbashi-Hongokucho,Chuo-ku,Tokyo ( location ) Tel:+81-3-3279-1111 Other Links Institute for Monetary and Economic Studies About the Site E-mail Service Help Contact Links Site Map Copyright Bank of Japan All Rights Reserved.

Fuld tekst.