Only 4% of Japan’s total population uses or owns cryptocurrencies.
Experimental testing of the digital yen is expected to begin in April 2023.
The Bank of Japan revealed on February 17, 2023, that it plans to launch a pilot program in the month of April 2023 to issue digital yen. In addition, the Bank is working hard to launch its own Central Bank Digital Currency(CBDC) in Japan to ease payment systems.
During a Central Bank meeting with private-sector executives Shinichi Uchida, Executive Director of Bank of Japan, said, “our hope is that the pilot program will lead to improved designs through discussion with private businesses.”
The concept of CBDC became popular after Nigeria and China successfully tested their digital currencies and made them available to the public. The United Kingdom and UAE, among others, are in the process of preparing a road map for launching and regulating their central bank digital currencies.
The Central Bank noted that it depended on
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