Japan's top financial regulatory agencies are reportedly working to establish a blockchain-based payment infrastructure for stocks and Japanese government bonds.
The Financial Services Agency, the Ministry of Finance, and the Bank of Japan will jointly work with local institutions starting this summer to establish a development plan around the next-generation payment system, Nikkei Asia reported on Wednesday.
The plan, expected as early as the beginning of 2027, will detail the blockchain's design, specify agency and institutional responsibilities, and outline a roadmap for future work, according to the report.
If the plan is approved, the agencies could launch the system within a few years and have it fully operational in the early 2030s, per the report.
The project could be grouped under Japan's multi-year strategic sector investment framework that the government is planning to create from fiscal 2027.
