The Bank of Japan is planning to test the functionality of a version of its CBDC, the digital yen, in partnership with three top banks and several regional institutions.
The Bank of Japan is preparing to run a test trial of its own central bank digital currency , the digital yen, with help from three top banks and regional institutions. The pilot program, estimated to last two years, will focus on testing the currency via several transactions, and experimenting with its functionality in environments without internet connections.
The pilot program will include different tests for the currency to determine its behavior when doing everyday transactions, such as deposits and withdrawals. Also, the bank will be testing its functionality in emergencies, where internet connections are limited or simply not available. This will be the first CBDC test that the Bank of Japan runs in conjunction with other financial institutions. Since April 2021, the bank has been running a proof-of-concept that tests the feasibility of a digital yen and its core functions and features. The institution announced the second phase of these tests in March 2021.However, tests are still focused on the functionality of the currency, and no decision on the possible issuance of a digital yen has been taken yet.
The adoption of a digital currency at a nationwide level would have to be supported by the legal system, which would need to define the role of the currency and the future of private banks in the resulting structure. Other countries like China have already issued their CBDC. The European Union is currently running a two-year
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