The Bank of Japan to launch its CBDC pilot before May

MARKET_WATCH Overview

The Bank launched a pilot program for “digital yen” in April after finishing its proof-of-concept testing, which began in 2021. 

 

Japan, a nation where foreign stablecoins like Tether are prohibited, plans to begin its central bank digital currency (CBDC) pilot in April 2023. It aims to include private businesses and test a model of a CBDC ecosystem. 

 

On Feb. 17, the Bank of Japan (BoJ) released the opening speech of its executive director Shinichi Uchida at a CBDC committee meeting. In it, Uchida announces that the Bank decided to launch a pilot program for “digital yen” in April after finishing its proof-of-concept testing, which began in 2021.

The pilot test will continue the work on the technical feasibility of “digital yen” and extend the experiment to modeling a CBDC ecosystem with the participation of private companies. As the official specifies, no actual retail transactions will be made during the pilot, only simulated ones.

Uchida’s speech focuses on the design of the future CBDC and the need to consult with the private sector on alternative data models, architectures for offline payments and other vital elements of the system. For this kind of consultation, the CBDC forum will be created.

 

Source : [The Bank of Japan to launch its CBDC pilot before May](cointelegraph.com/news/the-bank-of-japan-to-launch-its-cbdc-pilot-before-may) by Cointelegraph By David Attlee - Cointelegraph.com News by Cointelegraph By David Attlee / February 17, 2023

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