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A Bank of Japan official said on Thursday that a group of the world's seven major central banks has the opportunity to develop common rules and platforms for central bank digital currencies (CBDC) to lay the foundation for more efficient cross-border payments.

Kazunari Kamiyama, director of the Bank of Japan’s resolution agency, said that CBDC plays different roles in developed and emerging economies. Developed countries have strong financial systems, while emerging countries can use CBDC to make up for their shortcomings in financial infrastructure. Kazunari Kamiyama is the head of the Bank of Japan responsible for overseeing the development of CBDC.

"So it would be better to establish common norms between countries with similar economic structures," he said. "Based on this, the Bank of Japan hopes to discuss common rules with the central banks of six other major countries," Kazunari Kamiyama told Reuters in an interview.

The Bank of Japan, the Federal Reserve, the European Central Bank, and other seven major global central banks are studying the core functions of CBDC together.

"For developed countries, it is best to enhance payment functions and settlement systems in several stages, and to design CBDC in a flexible way to accommodate new technologies," said Kazunari Kamiyama.

"The top priority in the near term is to enhance the convenience of each country's domestic payment and settlement systems. There will be room to consider cross-border use of CBDC in the future," Kamiyama Kazunari said.

Kamiyama Kazunari said that although it is possible to formulate common rules in more countries, including developed economies, the discussion around how CBDC can be used for cross-border transactions is still in its infancy in many countries.

The key challenge will be creating a CBDC that is attractive but not large enough to trigger an outflow of cash notes and bank deposits.

He said that setting a cap on the size of CBDC that each entity can hold could be a solution, but enacting such a limit could weaken the convenience of CBDC.

"We will try to find a balanced solution," he said. “One idea might be to clarify the different roles played by private entities and CBDC.”