Bank of Japan to Test Digital Yen
Despite Japan's doubts about issuing a central bank digital currency (CBDC), the Bank of Japan (BoJ) continues to experiment with a prospective digital yen. The Japanese central bank has begun a partnership with three megabanks and regional banks to execute a CBDC issuance trial. Starting in April 2023, the pilot will enable experimental trials for the issue of Japan's national digital currency, the digital yen. As part of the experiment, the Bank of Japan is anticipated to collaborate with major private banks and other organizations to detect and resolve any problems with consumer deposits and withdrawals from bank accounts. The pilot would include testing the offline capabilities of Japan's potential CBDC, with the goal of making payments without the use of the internet.
The announcement comes as governments across the world ramp up CBDC research and development efforts, with China leading the global CBDC race. The Federal Reserve Bank of New York's Innovation Centre announced the commencement of a 12-week proof-of-concept CBDC pilot, in collaboration with banking titans such as BNY Mellon, Citi, HSBC, and others. While the bulk of the globe has been racing to develop a CBDC, certain nations, such as Denmark, have withdrawn from the digital currency race. The central banks cited probable obstacles for the private sector, unclear value and advantages, and other issues as reasons for abandoning their CBDC or CBDC-related initiatives. Nonetheless, no central bank has totally ruled out the prospect of forming a CBDC.
Sources:
https://www.paymentscardsandmobile.com/japan-prepares-to-launch-digital-yen/
https://cointelegraph.com/news/bank-of-japan-to-trial-digital-yen-with-three-megabanks
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