The Bank of Japan said on Friday, digital yen announced that it will launch a pilot program in April to test the use of its own version of the central bank digital currency (CBDC), known as
This move comes after more than two years of experimentation and experimentation by the BOJ.
“We plan to develop a system for experiments,” commented Bank of Japan (BoJ) governor Shinichi Uchida during the fifth meeting of the BoJ Liaison and Coordination Committee on Central Bank Digital Currency.
“The aim of the pilot program is twofold: first, to test technical feasibility and second, to leverage the skills and insights of private businesses in terms of technology and operations to design a CBDC ecosystem in case of possible implementation,” Uchida said.
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These pilot tests come after more than two years of proof-of-concept experiments by the BoJ around the digital yen as China’s digital yuan continues to lead globally in the CBDC race spanning more than 105 countries, representing more than 95% of global GDP. .
It should be noted that this move also coincided with a period when the BoJ was preparing for a change of chairman and Kazuo Ueda was expected to take over from Haruhiko Kuroda, whose second five-year term will expire in April.
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Koinfinans.com As we reported, in November 2022, the Nikkei stated that the BOJ will conduct experiments on the digital yen with the three major banks in the country and regional banks from spring 2023.
Highlighting the comment, “At this time, the pilot is not expected to see any real transactions between retailers and consumers,” the BoJ added that it will set up a CBDC Forum and invite private businesses dealing with retail payments or related technologies to participate.