BOJ's Himino calls for 'holistic approach' on global monetary system
CNA·- On May 16, Japan's Deputy Governor of the Bank of Japan, Ryozo Hino, called for a holistic approach to designing the future global monetary system beyond central bank digital currencies (CBDCs) and stablecoins. - He noted Japan's readiness for both paths, leading in stablecoin legislation and piloting CBDCs, emphasizing the need to include various factors such as technological feasibility and financial stability. - The Bank of Japan has initiated a sandbox project to explore tokenization of reserves for blockchain-based payment solutions, which could facilitate instant settlements and reduce congestion risks during high-stress events.