“About the future after the realization of the digital circle” Introducing a special discussion on Day 2 | WebX Conference

Digitization of the Japanese Yen and the Future Beyond

On July 26, Yale University Assistant Professor Yusuke Narita, Toyota Financial Services’ Naohiko Ueno, and SBI Research Institute for Financial Economics Research Yutaka Soejima will hold a special talk.

The dialogue is part of the featured sessions in the global Web3 conference “WebX” to be held on July 25th (Tuesday) and 26th (Wednesday) at the Tokyo International Forum, and deals with the theme of “the future that can be seen beyond the digitization of the Japanese yen”.

The special talk will start from 12:30 PM – 1:30 PM on July 26th. The location will be Japan Stage “B Building 7F”.

With regard to the Japanese yen, which is being digitized, the three parties will discuss the social issues that may arise in the future and the outlook for the future from their respective perspectives.

“Digital Yen” refers to a new form of electronic money with the official name of “Central Bank Digital Currency (CBDC).” It is issued by the central bank as its own debt and has the potential to overhaul the existing monetary system.

The background of the speakers is also of interest. Narita develops methods to improve social decision-making using algorithms, data, and evidence. Mr. Ueno is involved in diplomacy with the Bank of Japan and the Financial Services Agency while conducting research aiming at the coexistence of stablecoins and CBDC. Mr. Soejima will serve as Director of the Institute for Monetary and Economic Studies at the Bank of Japan until May 2023, and his experience will provide a valuable perspective.

On the morning of the same day, Mr. Ueno will also be presenting in another session, “Digital Circle from a Technical Side: Optimal Design and Diffusion Scenario.”

Demonstration experiment on CBDC

The Bank of Japan completed a “proof of concept” to confirm whether the basic idea is technically feasible in March. In the spring of 2011, we started a “pilot experiment” project on CBDC.

In the pilot experiment, we will verify the technical feasibility that cannot be fully verified by the proof of concept, and utilize the technology and knowledge of private companies that are useful for verifying the technical and operational aspects. The Bank of Japan plans to select participants and contractors involved in the construction of experimental systems by the end of FY2023, and proceed with discussions and studies with participants and the development of experimental systems.

There are many issues that need to be considered, such as the impact on private banks’ deposits and fund intermediation. For this reason, the Bank of Japan launched the CBDC Forum with the aim of incorporating the technology and knowledge of private business operators, and is proceeding with consideration of business utilization of CBDC and cooperation with private payment infrastructure.

connection:Pilot test of digital yen by Bank of Japan Proof-of-concept is expected to link with distributed ledger technology

Speaker profile

Yusuke Narita, Assistant Professor at Yale University, is a multifaceted person who is an economist, social entrepreneur, speaker, and author. He is widely active in terrestrial and web media, and is one of the most well-known scholars in Japan.

Dr. Narita received a doctorate from the Massachusetts Institute of Technology (MIT) and a bachelor’s degree from the University of Tokyo, and was also awarded the best undergraduate paper award. He specializes in the creation and design of business and public policy using data, algorithms and poetry, and his research ranges from web business to education and health policy.

He conducts research and projects jointly with many companies and local governments, and the results are used to solve problems in actual business and policy, especially education and medical policy. Major achievements include many awards such as the Prime Minister’s Award, the World Economic Forum “Young Global Leaders”, the Japanese government “Open Innovation Award”, and the MIT Technology Review “Innovators under 35 Japan”.

Mr. Naohiko Ueno of Toyota Financial Services is researching the universality of NFTs and the “DigitalJPY” with the aim of creating a society where stablecoins and CBDC can coexist. He also conducts diplomatic activities with the Bank of Japan, the Financial Services Agency, and the Ministry of Economy, Trade and Industry at the Toyota Blockchain Lab. As an individual, he is the CEO of AGICL Co., Ltd. and a blockchain advisor to Kayac Co., Ltd., and is also involved in NFT issuance and content production within the Metaverse.

Toyota Blockchain Lab is a cross-group virtual organization established by Toyota Motor Corporation and Toyota Financial Services Corporation in April 2019. We are verifying the usefulness of blockchain technology through demonstration experiments and are working to deepen global cooperation with group companies.

Yutaka Soejima served as Director of the Bank of Japan’s Monetary and Economic Research Institute until May 2023. He joined the Bank of Japan in 1990 and was responsible for markets, banking, payments and analytics. Since June 2023, he has been working as a principal researcher at the SBI Institute of Financial Economics, a think tank of the SBI Group that investigates and researches next-generation digital finance.

The SBI Institute of Financial Economy is a think tank of the SBI Group that aims to create a better society through the latest trends in financial business. In December 2022, we will conduct a “questionnaire survey on general consumer interest and usage of next-generation finance” to investigate new-generation financial products such as crypto assets, stable coins, security tokens, and NFTs, as well as traditional financial products such as stocks, investment trusts, foreign currency deposits, and FX.

What is WebX

WebX is Asia’s largest Web3 conference, gathering promising Web2/Web3 projects, companies, entrepreneurs, investors, developers, etc. from all over the world. It will be held at the Tokyo International Forum for the two days mentioned above.

Visitors will be able to participate in lectures (simultaneous interpretation in Japanese) by the world’s top projects and founders at Web3, networking, workshops by major blockchain development teams, and exhibitions of various companies and projects.

connection: Tokyo: Asia’s largest Web3 conference “WebX”, ticket sales start

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