Japan Accelerates Move to Cashless Society, BOJ Pushes for Payment Innovation

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Japan is rapidly shifting towards a cashless society, prompting the Bank of Japan (BOJ) to intensify efforts to modernize the country’s payment systems. Cashless payments accounted for 42.8% of transactions in 2024, surpassing the government’s 40% target a year ahead of schedule and marking a significant jump from just 13.2% in 2010.

Traditionally reliant on physical currency, Japan’s growing cashless trend is pushing policymakers to adapt to changing consumer preferences, including the possible introduction of a central bank digital currency (CBDC). While no decision has been made on issuing a digital yen, the BOJ began a pilot program in 2023, collaborating with private firms and the government on its design and implementation.

BOJ Executive Director Kazushige Kamiyama highlighted concerns over potential future declines in banknote usage due to digitalization, emphasizing the need for a retail payment system that is efficient, accessible, and secure. Deputy Governor Shinichi Uchida echoed this, noting that a CBDC could become a crucial infrastructure for Japan’s payment landscape, but said cash is unlikely to disappear soon.

Uchida also warned that the yen’s dominance as a payment instrument depends on public trust in the BOJ’s ability to maintain price stability. Should confidence falter, alternative forms of payment, such as cryptocurrencies, could gain ground.

The focus on CBDCs is part of a global trend amid growing cryptocurrency use and moves by other nations. While the U.S. government banned the Federal Reserve from issuing a digital dollar earlier this year, the European Central Bank advocates for a digital euro to reduce reliance on U.S. payment providers. Meanwhile, China aggressively promotes its digital yuan internationally, with transaction volumes more than tripling from mid-2023 to mid-2024.

Japan’s push signals its determination to modernize payments and keep pace with global developments in digital currency and cashless transactions.

Peter Thiel-Backed Crypto Firm Bullish Files Confidentially for US IPO

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Bullish, a cryptocurrency exchange backed by Peter Thiel and a unit of blockchain software company Block.one, has confidentially filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission in recent weeks, according to the Financial Times on Tuesday.

Bullish previously attempted to go public via a special purpose acquisition company (SPAC) deal in 2021, but the effort collapsed in 2022 amid heightened regulatory scrutiny and rising interest rates that unsettled equity markets.

Unlike the Biden administration, the Trump administration has adopted a more lenient approach toward crypto regulation, supporting the industry’s policy goals. Under this environment, the Securities and Exchange Commission (SEC) has dropped several investigations.

Bullish aims to leverage renewed investor enthusiasm for digital assets during the current administration, the report added.

The company did not immediately respond to requests for comment, and Reuters could not independently verify the Financial Times report.

Bullish’s filing follows a similar move by crypto exchange Gemini, operated by billionaire twins Tyler and Cameron Winklevoss, which last week disclosed it had confidentially filed for a U.S. IPO.

Paramount to Cut 3.5% of U.S. Workforce Amid Industry Disruption

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Paramount Global is set to lay off 3.5% of its U.S. workforce as part of ongoing efforts to adjust to sweeping changes in the media industry, according to an internal memo reviewed by Reuters. The job cuts, announced to employees on Tuesday morning, may eventually extend to some international staff, the memo from the office of Paramount’s three co-CEOs indicated.

This new round of layoffs follows a previous 15% staff reduction announced in August 2024. The moves come as Paramount, like many traditional media companies, faces mounting challenges due to the rapid shift away from cable television toward streaming platforms such as Netflix. The company’s leadership cited the broader “generational disruption” affecting the industry as millions of consumers continue to abandon pay-TV subscriptions.

“We are taking the hard, but necessary steps to further streamline our organization starting this week,” co-CEOs George Cheeks, Chris McCarthy, and Brian Robbins stated in the memo.

As of December 31, 2024, Paramount employed approximately 18,600 people globally. CNBC first reported the latest job cuts on Tuesday.

The layoffs occur as Paramount is in the midst of attempting a major corporate merger. The company has proposed an $8.4 billion deal with Skydance Media, led by billionaire David Ellison. However, regulatory approval for the merger remains pending. Complicating matters is a $10 billion lawsuit filed by former U.S. President Donald Trump against CBS News, part of Paramount Global, over allegations that a 2020 interview with then-vice president Kamala Harris was deceptively edited to her advantage.