Bank of Japan officials are stepping up their calls to push Japan to catch up with the rapid development of digital currencies, which could accelerate Japan's shift from a "cash is king" society to a cashless one.

Government data in Japan shows that the proportion of cashless payments in the country is expected to increase from 13.2% in 2010 to 42.8% in 2024, surpassing the government's target of 40% one year ahead of schedule. Despite Japan's global lag in payment technology, the increase in cashless transactions is forcing policymakers to ensure they are ready to adapt to changes in public preferences for payment and settlement methods. This includes issuing central bank digital currencies (CBDC).