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Saturday, March 04, 2023

Japan Piloting Digital Yen

How stable and secure?  Simulation tests  to be run. . 

Japan to Launch Pilot Program for Issuing Digital Yen,        By Reuters  February 23, 2023

If everything goes as planned, the Bank Of Japan could issue a central bank digital currency in 2026.

The Bank of Japan (BOJ) said Japan will in April initiate a program to test a digital yen following two years of experimentation.

BOJ's Shinichi Uchida said the bank will simulate transactions with private entities in a test setting.

The bank said the program will help BOJ prepare for the government's potential issuance of a central bank digital currency (CBDC).

The central bank's Kazushige Kamiyama said the test program will extend over several years, and entail negotiations with commercial banks, non-bank settlement firms, and carriers.  Japan and other advanced economies aim to catch up with China's CBDC launch, which has placed the country ahead of others in the digital currency race.

From Reuters   View Full Article    

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