Japan experiments with the digital yen to decide on its implementation before 2026.
, the Bank of Japan continues experimenting with a potential digital yen.
The Japanese central bank has started a collaboration with three megabanks and regional banks to conduct a CBDC issuance pilot, the local news agency NikkeiThe pilot aims to provide demo experiments for the issuance of Japan’s national digital currency, the digital yen, starting in spring 2023. As part of the trial, the BoJ is expected to cooperate with major private banks and other organizations to detect and solve any issues related to customer deposits and withdrawals on bank accounts. According to the report, the pilot willof Japan’s possible CBDC, targeting payments without the internet.
Japan’s central bank plans to proceed with its CBDC experiment for about two years and make a decision on whether to issue a digital currency by 2026, the report notes. The news comes amid countries around the globe increasingly launching CBDC research and development initiatives, with countries like
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