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Japan’s Financial Services Agency is reviewing the use of stablecoins and tokenized deposits to distribute subsidies earmarked for limited purposes such as child care and food, CoinPost reported.
According to minutes from the first meeting of an on-chain finance forum for the AI era released by the agency on Oct. 19, Japan’s Digital Agency plans to examine the related technical feasibility and how such payments would be treated under existing laws and regulations. The meeting also discussed tokenizing current account deposits at the Bank of Japan, enabling on-chain use of government bonds, and building next-generation interbank payment infrastructure. Experts stressed the need for a phased approach through small-scale pilot projects to make on-chain finance practical, while also raising concerns that if Japanese financial institutions fall behind as major overseas companies advance tokenization and stablecoin use cases, payment operations by Japanese and broader Asian companies could shift overseas.