Japanese central bank (BoJ) started an experiment to study the feasibility of issuing Japan digital currency on Monday. This is an innovation in the private sector.
Japan Digital Currency Issuance Stage
In the first phase, which will take place until March 2022. The BoJ will focus on testing the technical feasibility of issuing, distributing and exchanging central bank digital currencies (CDBC).
In the second phase, the BoJ will examine more detailed functions. Such as whether to determine the number of CBDCs each entity can have. If necessary, the central bank will launch a pilot program involving payment service providers and end users.
This was conveyed by the Executive Director of the BoJ Shinichi Uchida last month as quoted by Reuters, Tuesday (6/4/2021).
“While there is no change in the BoJ’s stance, there are currently no plans to publish a CBDC, we believe starting the experiment at this stage is a necessary step,” Uchida said.
Global central banks are developing digital currencies to modernize their financial systems, ward off threats from cryptocurrencies and accelerate domestic and international payments.
While China is leading the pack, the BoJ has accelerated efforts to catch up with plans announced in October to start experimenting on how to operate its own digital currency.
Also consider the ‘Eek’ Coronavirus Variant which is Stupid in Japan Has Entered Indonesia ‘:
Read now: 3 Things About China Digital Currency
