日本拟研究用区块链实现股票和国债实时结算

TOKYO -- Japan is set to begin work on a next-generation payment infrastructure, with an initial goal of enabling the instantaneous settlement of transactions in stocks and Japanese government bonds at any time of day using blockchain technology, Nikkei has learned.
The Financial Services Agency, the Ministry of Finance, the Bank of Japan and financial institutions will launch a study group this summer and are expected to formulate a development plan around the beginning of 2027 at the earliest. The plan is expected to cover the design of the blockchain to be used, the division of responsibilities among agencies and institutions, and a road map for future work.
If the plans are formally approved, operations could begin within a few years, with the system potentially up and running in the early 2030s. The project could fall under a multiyear strategic-sector investment framework that the government plans to create from fiscal 2027.
A portion of the current accounts that banks hold at the BOJ would be converted into digital currency, known as tokens, circulating on a blockchain. The arrangement would constitute a type of central bank digital currency, although it would differ from the electronic money used by individuals.
Current accounts are used for interbank payments. In Japan, cash settlement for stock trades takes place two days after execution, while JGB transactions are settled the day after. Real-time settlement would enable investors to reinvest proceeds from asset sales immediately.
Japan's top three banks and major securities firms are already running a pilot project on the management and distribution of tokenized stocks and tokenized JGBs on blockchain networks. The initiative by the government and the BOJ would provide a settlement infrastructure to support such moves.
The impact could also extend to international remittances. Since 2024, the Bank for International Settlements has been running a blockchain-based cross-border payment pilot project involving central banks from Japan, Europe and elsewhere. The Japanese government's initiative could serve as a foundational technology for this effort.
The U.S. and Europe lead in the technology of securities tokenization, and there is a risk that overseas investors and funds could shy away from Japanese securities markets if the country's technology lags. China is also advancing next-generation settlement systems for international remittances involving countries in the Middle East.