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Officials at the Bank of Japan are emphasizing the need to expedite the development of digital currencies in order to catalyze the shift towards cashless payments. According to recent data, the share of cashless transactions in Japan has surged to 42.8% in 2024, surpassing the government's target well ahead of schedule. Despite the enduring popularity of cash, the growing trend towards digitization is prompting policymakers to contemplate the issuance of a central bank digital currency (CBDC) to uphold a secure and efficient payment system. Deputy Governor Shinichi Uchida noted that CBDC holds the potential to become a cornerstone of future payment systems, while also acknowledging that the demand for cash is unlikely to vanish in the near term.
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