Kuroda says BOJ will start experiments on CBDC next spring

FILE PHOTO: Bank of Japan Governor Haruhiko Kuroda wearing a protective face mask attends a news conference as the spread of the coronavirus disease (COVID-19) continues in Tokyo, Japan, April 27, 2020, in this photo released by Kyodo. Mandatory credit Kyodo/via REUTERS

TOKYO (Reuters) - Bank of Japan Governor Haruhiko Kuroda said on Monday the central bank will start experiments next spring on a digital yen to consider various requirements and fundamental principles for doing so in the future.

“It’s very important that central bank digital currencies not replace or eliminate private-sector payment and settlement services,” Kuroda said in an online seminar hosted by the Institute of International Finance.

Reporting by Leika Kihara; Editing by Catherine Evans