Bank of Japan Deputy Governor Ryozo Himino has called for a 'holistic approach' in designing the future global monetary system, beyond just central bank digital currencies (CBDCs) and stablecoins.
He emphasized that Japan is prepared for both paths, having introduced stablecoin legislation and advanced a CBDC pilot program.
Himino highlighted the need to consider factors such as technical feasibility, social costs, user convenience, financial stability, and monetary policy.
He also mentioned a 'sandbox project' to explore tokenizing central bank reserves for blockchain-based payment solutions.
