<ul data-eligibleForWebStory="true"><li>The Bank of Japan is exploring digital currency options as cashless payments increase in the country.</li><li>Cashless payments in Japan rose from 13.2% in 2010 to 42.8% in 2022, pushing for digital currency readiness.</li><li>The Bank of Japan initiated a central bank digital currency (CBDC) pilot in 2023, signaling progress in this area.</li><li>Discussions with private companies and the government are ongoing regarding the framework and design of the potential digital yen.</li><li>Banknote issuance remains high in Japan, but there is anticipation of reduced usage in the future due to digitalization.</li><li>The BOJ Deputy Governor highlighted the potential importance of a CBDC in Japan's payment and settlement systems.</li><li>Cash usage in payments is declining globally, with different regions witnessing significant drops in cash transactions.</li><li>Latin America saw a decrease from 67% to 25% in in-store cash transactions from 2014 to 2021.</li><li>The Treasury Department of the United States plans to phase out the penny due to high production costs exceeding its value.</li></ul>

Japan Flirts With Digital Currency as Cash Loses Its Crown

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