Is Japan ready for Central Bank Digital Currency? Professor Takashi Kubota weighs in

On January 7, 2025, Waseda University in Japan released the fifth episode of its English-language podcast series, featuring an important discussion on Central Bank Digital Currency (CBDC) from a Japanese legal viewpoint. Professor Takashi Kubota from Waseda Law School was in conversation with Assistant Professor Robert Fahey regarding the implications of CBDC within Japan, employing international comparisons to illustrate his points. The podcast addresses several aspects concerning CBDC, including its legal framework in Japan and the challenges it faces regarding public awareness. During the podcast, Professor Kubota acknowledges that while cash retains various meanings to different individuals, the introduction of CBDC might partially replace some functions of cash, particularly in payments. He emphasizes that the complete eradication of cash is unlikely, as there will still be a necessity for it despite the emergence of digital currencies. Furthermore, he pointed out a significant obstacle to the implementation of CBDC: low public awareness concerning this form of currency. The podcast not only reflects on the legal obligations Japan's government has towards public financial communication but also highlights a growing global conversation about the role and potential of digital currencies. By comparing international approaches to CBDC, the discussion reveals insights about how other nations are integrating these currencies into their financial systems and regulatory frameworks, showcasing the diverse perceptions of digital currency and its future. Waseda University aims to foster discourse on critical issues such as CBDC, among others, through its podcast series, named 'Rigorous Research, Real Impact.' This series showcases the extensive work of researchers in the social sciences and humanities, contributing to a better understanding of contemporary issues in Japan and beyond. As Waseda continues to assert itself as a leader in international education, its podcasts serve as an important resource for students, researchers, and the general public interested in current academic discussions.