Earlier this fall, the Bank of Japan announced its plans to begin testing a central bank digital currency proof-of-concept in 2021. Further details of the institution’s approach to development and collaborations have since emerged, with indications that the private sector is poised to play a prime role, at least in the testing phase.

Earlier today, Reuters reported that the CEO of the Japanese financial services giant Monex Inc. is welcoming the central bank’s more proactive stance toward central bank digital currencies, or CBDCs.