The Bank of Japan to Launch CBDC before May
Japan, where foreign stablecoins like Tether are forbidden, is set to launch a central bank digital currency (CBDC) pilot in April 2023, including private companies to test a CBDC ecosystem. The Bank of Japan (BoJ) released the executive director's opening speech at a CBDC committee meeting, announcing the pilot program for "digital yen."
No actual retail transactions will be conducted during the pilot, only simulated ones, as it will test the technical feasibility of "digital yen" and model a CBDC ecosystem with private firms. To consult with the private sector on alternative data models, offline payment architectures, and other critical system components, a CBDC forum will be established.
Local media has reported on the Bank of Japan's plan to conduct a CBDC pilot in April 2023, which was eagerly awaited. Reports indicated that the BoJ would collaborate with at least three Japanese megabanks and regional banks for the pilot. Additionally, the authorities in Japan are considering removing the ban on foreign stablecoins that came into effect in 2022.
Although the green light will be granted to only those stablecoins that pass individual checks, the amendments should be passed by June 2023, according to the Financial Services Agency of Japan.
Sources:
https://cointelegraph.com/news/the-bank-of-japan-to-launch-its-cbdc-pilot-before-may
https://www.coindesk.com/policy/2023/02/17/japan-will-launch-pilot-for-issuing-digital-yen-in-april/
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