The Bank of Japan will supposedly start its CBDC experiments this spring.
The central bank of Japan will reportedly start testing the employment of a digital yen in April this year.Catching up With Chinaby CNBC, the testing phase includes processing simulated transactions with private financial companies. Shinichi Uchida – Executive Director at the Bank of Japan – said consumers and retailers will be excluded from the experiment.
“Our hope is that the pilot program will lead to improved designs through discussion with private businesses,” he stated. The testing aims to prepare Japan’s central bank in case the local government issues a digital version of the national currency. Uchida thinks such a financial product should be presented to the private sector before going live:
“If a CBDC were to be issued in the future, exploring its framework in such a phased manner and engaging in highly transparent communication with the private sector are necessary steps to take for adoption in society.”
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