cryptonews: The Bank of Japan 🇯🇵 became the latest central bank to announce plans to test a digital version of its national currency.
The Bank of Japan became the latest central bank to announce plans to test a digital version of its national currency.
The BoJ is partnering with the country's three megabanks and a number of regional banks to test a digital yenAlong with Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group, smaller banks will participate in proof-of-concept tests of basic functions of a CBDC, like basic deposits and withdrawals.
It will also look into how such a system would work during natural disasters and other circumstances in which the internet is not available. The ability to function offline is considered an important problem to resolve if governments are going to make a digital currency actually workable. The testing period is expected to be at least two years, with no decision on whether to move ahead due until 2026.to begin a 400,000-person central bank digital currency test this year with an eye to an at least partial rollout in 2023.
That's an extremely aggressive schedule, given that China — which began work on the digital yuan in 2014 — has spent two years slowly rolling it out, with a series of massive lotteries used in major cities to get up to 50,000 people at a time to sign up for the digital wallet used by the CBDC, also called the e-CNY.
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