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TOKYO (Reuters) - Bank of Japan Governor Haruhiko Kuroda on Tuesday stressed the need for the central bank to "prepare thoroughly" for the time it may need to issue its own digital currency.
A Bank of Japan move to launch a digital currency would be conditional on public support, according to a senior BOJ official.
No single digital currency will dominate global transactions if central banks strive to enhance their own settlement systems, a senior Bank of Japan official said.
Japan must swiftly revise laws to allow the central bank to issue a digital currency, a move that could provide a chance to reform the Bank of Japan's existing mandates and enshrine its inflation target, a senior ruling party official said on Oct 12.
Central banks must get a better understanding of the benefits and risks of issuing their own digital currencies, and look at ways to mitigate any associated perils, the Bank of Japan Deputy Governor said on Feb 27.
Japan's financial institutions must guard against cyber-attacks ahead of the 2020 Tokyo Olympic Games, the Bank of Japan said on Jan 31.
The challenge posed by Facebook's Libra cryptocurrency likely prodded major central banks to set up a new group to study the potential for issuing their own digital currencies.
The spread of online shopping in Japan is dragging down consumer inflation, the central bank said, highlighting the "Amazon effect" on prices and the challenges policy makers face as they try to pull the world's third-biggest economy out of years of stagnation.
When flea market app Mercari makes its market debut on June 19, it will mark the appearance of one of Japan's rarest beasts: a tech unicorn.