The Bank of Japan (BoJ) plans to launch a pilot program to test the digital yen in April 2023. About it says in a statement.
The purpose of the stage is to test the “technical feasibility” of CBDC and extend the experiment to ecosystem modeling with companies. There are no plans to make real transactions during the pilot.
The BoJ said it needed to consult with the private sector on alternative data models, architectures for offline payments, and other important design elements.
The first stage of experiments with the national digital currency started in Japan in the spring of 2021.
Already in July, Hideki Murai, a spokesman for the ruling Liberal Democratic Party, said that the state would develop a more detailed draft CBDC by the end of 2022.
Later, the head of the Central Bank of the country, Haruhiko Kuroda, noted that the regulator would make a decision on the advisability of issuing a digital yen after comprehensive tests.
Recall that in November 2022, BoJ, in partnership with three mega-banks, announced a pilot project of a national digital currency.
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