Local financial regulators will create a research group that will distribute responsibilities among institutions. The launch plan will be developed in early 2027. The project is expected to be launched within a few years. However, full implementation is scheduled for the 2030s.
The new system involves converting part of the deposits held by banks in current accounts at the Bank of Japan. They will be transferred into digital tokens that could circulate on the blockchain for interbank settlements. In addition, 40 regional and online banks in Japan have announced the launch of a pilot project for interbank transfers. It will use tokenized deposits.