Japan plans to launch a pilot program for its central bank digital currency (CBDC) in April 2023.
The pilot program will focus on the technical feasibility of the “digital yen” and will not involve actual retail transactions.
Japanese authorities are also considering lifting the ban on foreign stablecoins.
Japan, a country that currently prohibits foreign stablecoins, has announced plans to commence a pilot program for its central bank digital currency (CBDC) in April 2023. This pilot will include participation from private businesses and will test a model of the CBDC ecosystem.
Pilot Program for Digital Yen CBDC Ecosystem
On February 17th, the executive director of the Bank of Japan (BoJ), Shinichi Uchida, announced the launch of the “digital yen” pilot program in his opening speech at a CBDC committee meeting. The BoJ had conducted proof-of-concept testing in 2021, and upon completion, decided to proceed with the pilot program in April 2023.
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