Shinichi Uchida, executive director of the Bank of Japan, declared that the bank had decided to launch a new pilot for the digital yen, as a continuation of two phases of proof-of-concept tests.
Shinichi Uchida, executive director of the Bank of Japan, explained that the goals of this new pilot are to test the technical feasibility of the currency and to include private businesses in its design process.The Bank of Japan is advancing in its research for the issuance of a hypothetical Japanese central bank digital currency , the digital yen. On Feb.
Uchida said that the new pilot will focus its activities in two directions. The first one will be the fine-tuning of the technical aspects of the currency, in order to test new use cases and integrate the system with other structures.We plan to develop a system for experiments, where a central system, intermediary network systems, intermediary systems, and endpoint devices would be configured in an integrated manner.
The second direction has to do with the inclusion of private institutions in the pilot to provide feedback and help improve the design of the digital yen. To achieve this goal, the Bank of Japan will establish a CBDC Forum, with private entities in the payments area being invited to contribute to the project.Uchida also explained the way in which the announced pilot tests will be executed.
Even with the launch of this pilot program, the issuance of a digital yen is still not a sure thing. In March last year, Haruhiko Kuroda, governor of the Bank of Japan,
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