Japan is already preparing to test the digital yen in April 2023, in collaboration with other countries preparing to use CBDCs.announceof the central bank of Japan
After the Central Bank of Japan decided to create a CBDC, or digital yen, the central bank has been testing its own CBDC for the past two years and is expected to use it in the future.
“We hope that this test will improve the design as we discuss with the private sector,” BOJ Executive Director Shinichi Uchida said at a meeting with private sector executives, according to Reuters.reportof Reuters
Central banks around the world are now starting to test their own CBDCs, led by China, which has been experimenting with CBDCs for retail payments.
This digital yen test will begin with the private sector to try it out in real life and see how effective the digital yen is. Based on the central bank’s discussions with commercial banks and financial service providers, the central bank is expected to continue testing CBDCs for several years.
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