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Efforts to Improve Payments Using DLT- Focusing on Wholesale CBDC Experiments in Various Countries -

November 30, 2023
SUGIE Jiro, HATOGAI Junichiro
Payment and Settlement Systems Department

In recent years, central banks of various countries have conducted experiments to distribute wholesale CBDC using DLT. Underlying these developments are the growing momentum for upgrading existing payment systems and efforts by the private sector to provide new payment services. A closer look at the experiments confirms a broadening of the focus areas covered by the experiments, from payments to securities settlement and cross-border settlement. While the findings of these experiments suggest that the introduction of wholesale CBDC has the potential to bring about improvements including the shortening of long transaction chains and the reduction of costs, they also point to further needs, such as adjusting the rules for establishing a distribution platform that spans multiple countries and examining the macroeconomic impact of the introduction of such a platform. Meanwhile, as an approach that does not involve the establishment of a DLT platform or the introduction of wholesale CBDC, there are moves to improve payments by enhancing and utilizing existing payment and settlement systems. It is important to continue to carefully monitor these developments and work closely with relevant parties both at home and abroad.


The Bank of Japan Review Series is published by the Bank to explain recent economic and financial topics for a wide range of readers. This report, 2023-E-9, is a translation of the Japanese original, 2022-J-16, published in November 2022. Views expressed are those of the authors and do not necessarily reflect those of the Bank.

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