Japan is preparing a blockchain-based system to enable immediate cash settlement of stock and Japanese government bond transactions. The Financial Services Agency, Ministry of Finance, Bank of Japan and financial institutions plan to establish a study group this summer, with a development plan expected by early 2027. The system would convert bank deposits in BOJ current accounts into digital tokens circulating on the blockchain for interbank settlement. Currently, equity trades settle on T+2 and domestic government bond trades on T+1.
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