Japan's Ministry of Finance has established a Study Group on On-Chain Settlement of Government Bonds to examine whether government-bond transactions could move to instant, on-chain settlement. The group will compare the benefits and drawbacks of recording and settling trades on a blockchain with the current practice of exchanging funds and bonds on the next business day after a transaction is agreed. Researchers from the University of Tokyo and Waseda University, private-sector strategists, the Bank of Japan and the Financial Services Agency will participate. The first meeting is scheduled for Oct. 8, with the ministry aiming to organize the key issues by the end of the year.