China setting pace in central bank digital currency

The People's Bank of China is leading after launching trials, whereas the Bank of Japan (BOJ) only began its CBDC project in April.

TOKYO: China's progress toward issuing a central bank digital currency (CBDC) will have a huge impact on how quickly advanced economies follow suit, former top Japanese financial regulator Toshihide Endo told Reuters.

Central banks have accelerated efforts to develop digital currencies to modernise financial systems. The People's Bank of China is leading after launching trials, whereas the Bank of Japan (BOJ) only began its CBDC project in April.