However, the background technologies behind crypto-assets, such as blockchain and DLT, may have great potential. If these technologies are successfully combined with the existing trust and credit of sovereign currencies, they could contribute to enhancing the efficiency of economic transactions and payments. In this regard, many central banks have embarked on research and experiments of these new technologies.
The Bank of Japan has also engaged in the joint DLT-related research "Project Stella" with the European Central Bank. Further Progress Toward a Cashless Society Second, unlike crypto-assets, digital payment instruments denominated in sovereign currency units will continue to expand, leading to the further promotion of "cashless" payments.