Japan, along with the country’s central bank, the Bank of Japan (BoJ), joins a list of countries exploring the potential adoption of digital currencies. announcement or In April, it plans to launch a pilot to test the “digital circle.”
The move comes more than two years after the Bank of Japan took its first steps in the space by launching a central bank digital currency (CBDC) proof-of-concept experiment in October 2020.
The Bank of Japan will launch the first phase of its PoC in April 2021, testing basic CBDC transactions including issuance, payments and remittances. A year later, Japan will enter Phase 2 of his PoC, scheduled to end in March, to perform additional functions of his CBCD related to core performance.
The pilot program, which will begin in April, will “test technical feasibility not fully covered by the PoC,” and “use the skills and insights of the private sector on technology and operations to develop potential The purpose is to design a CBDC ecosystem at an event. social implementation Said Speech by Shinichi Uchida, Managing Director of the Bank of Japan.
“In the pilot program, we plan to develop an experimental system that integrates a central system, relay network system, relay system, and endpoint devices,” says Uchida.
According to the central bank, no transactions have taken place between retailers and consumers at this time (only simulated transactions take place during the pilot phase). Japan will hold a CBDC forum and invite private companies involved in retail payments and related technologies to join the discussion, Uchida added.
Last November, the Bank of Japan announced an experimental plan for a digital yen. It will collaborate with three privately held regional banks and other regional banks to experiment with CBDC to see if it works in areas with limited internet access or during natural disasters.Around Local media NikkeiThe three Japanese megabanks mentioned in the report are Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group.
As of December last year, 114 countries are actively considering deploying CBDCs, up from 35 in May 2020, according to the CBDC. Reported by the Atlantic CouncilThe result is behind partnership In October, the Bank for International Settlements (BIS) and four central banks (the Hong Kong Monetary Authority, the Bank of Thailand, the People’s Bank of China, and the Central Bank of the United Arab Emirates) began piloting cross-border foreign exchange transactions. I did. .
Over 20, excluding China, Hong Kong and Thailand Countryincluding Australia, India, Japan, South Korea, Singapore, Brazil, Malaysia, South Africa and Ghana will continue or start in pilot phase in 2023.
Japan reportedly Decide to issue CBDC in 2026.
