The Bank of Japan has announced the launch of a three-year pilot program for its central bank digital currency (CBDC), a digital version of the yen. With the world’s third-largest economy, a successful launch of a digital yen could pave the way for CBDCs to become mainstream in Japan and transform how people pay for everything in their day-to-day activities.
Exploring CBDCs For The Japanese Economy
Japan joins a growing list of countries exploring a digital version of their currency. Although CBDCs aren’t really cryptocurrencies, their inspiration comes from the innovation that comes with blockchain technology.
In the two years leading up to the pilot launch, the Bank of Japan conducted a series of proof-of-concept trials to determine the practical potential of central bank digital currencies in Japan using three undisclosed local banks and other regional banks.
Phase One began in April 2021 and ran through March 2022. In this phase, three ledgers were tested with 100,000 users t
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