Bank of Japan Will Begin CBDC Experiment In Early 2023

According to a Nikkei report, the Bank of Japan (BoJ) has experimented with a digital yen planned with three megabanks and regional banks in the nation.

To stress-test a central bank digital currency (CBDC), the BoJ will collaborate with a number of unnamed financial institutions.

The functionality of deposits and withdrawals, as well as what transpires without internet access, will be tested. The central bank will begin working with private banks and other groups in the spring of 2023.

The decision to formally adopt a digital yen will be made in 2026.

In order to examine the technological viability of a CBDC, the BoJ started trials in April of last year.

By creating a test environment for a digital yen and investigating fundamental operations like spreading distribution and redemption, the BoJ joined a growing list of central banks globally examining CBDCs, including China, India, Thailand, and Kazakhstan.

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