Bank of Japan will begin CBDC Experiment in Early 2023

According to Nikkei, the Bank of Japan has tested a digital currency (CBDC) with three major banks and three regional banks. The BoJ will also collaborate with unnamed financial institutions to stress-test the currency. The functionality of deposits, withdrawals, and what happens without internet access will all be tested. The central bank will begin working with private banks and other groups in the spring of 2023.The decision to formally adopt a digital yen will be made in 2026.In order to examine the technological viability of a CBDC, the BoJ started trials in April of last year.By creating a test environment for a digital yen and investigating fundamental operations like spreading distribution and redemption, the BoJ joined a growing list of central banks globally examining CBDCs, including China, India, Thailand, and Kazakhstan.DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.Join us to keep track of news: coincu.comHaroldCoincu NewsTags: Bank of JapanBOJCBDCdigital yenJapan