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

Japan is gearing up to innovate and introduce robust payment systems as its economy gradually becomes cashless. Bank of Japan’s (BOJ) Executive Director Kazushige Kamiyama said that while the country does not have any firm stance on CBDCs yet, it must develop other payment options as society becomes increasingly cashless. According to an article published.. The post Japan Pushes for Cashless Payment as it Tries to Catch up with the Rest of Asia appeared first on 99Bitcoins.

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Jun 4, 2025 - 23:00

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Japan is gearing up to innovate and introduce robust payment systems as its economy gradually becomes cashless.

Bank of Japan’s (BOJ) Executive Director Kazushige Kamiyama said that while the country does not have any firm stance on CBDCs yet, it must develop other payment options as society becomes increasingly cashless.

According to an article published on 4 June 2025 by Reuters, Kamiyama said that while banknotes are still in high circulation in Japan, physical currency could see a steep decline in use going forward as Japan rapidly digitalises.

“As such, Japan must consider what steps it can take now to ensure its retail settlement system is convenient, efficient, and accessible universally while being safe and resilient,” he said.

He further explained that the government and the parliament will decide the issuance of CBDCs, and that they have not made any decisions so far regarding this matter.