.Bank_of_Japan_e plans to kick off a digital yen experiment in 2023 involving megabanks and regional banks in the country. By lavender_au
Starting in the spring of 2023, the BoJ will work with private banks and other organizations to identify any problems with deposits and withdrawals, and check that a central bank digital currency can operate during natural disasters and in areas without internet access, according to the report.
Although the report did not name the banks, Japan's “three megabanks” typically refer to Mitsubishi UFJ Financial Group Inc., Sumitomo Mitsui Financial Group Inc. and Mizuho Financial Group Inc., by developing a test environment for a digital yen and exploring basic functions like issuance, distribution and redemption.that it is the central bank's priority to ensure a CBDC enables competition between private payment providers and be universally accessible by the public.
The experiment will last two years and the central bank will decide on issuing a CBDC in 2026, the report said.
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