Japan Makes CBDC Move with Digital Yen

The usage areas and increasing adoption of cryptocurrencies have revealed the appetite of countries to be involved in this technology. Many countries have accelerated their initiatives in the field of digital assets. Asian countries, in particular, have started to compete to become blockchain hubs. In addition, countries continue to work intensively on the central bank digital currency (CBDC). Most recently, Japan has announced that it will begin testing the use of the digital yen.

Japan, which wants to catch up with China in the field of digital assets, focused on the digital yen issue through the Bank of Japan (BOJ). Japan, which does not want to lag behind China, stated that it will start working to see and test the use of digital yen. BOJ will launch the digital yen pilot in April.

The BOJ began work to issue a CBDC nearly two years later. BOJ Executive Director Shinichi Uchida shared his views on the subject at a meeting with the central bank’s private sector executives. “Our hope is that the pilot program will lead to better designs by negotiating with private companies,” Uchida said. said

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