The Bank of Japan (BoJ) has just announced that it will begin experimenting with a Digital Yen, its own Central Bank Digital Currency (CBDC) to test its technical application and feasibility.Although no timetable for Japan’s CBDC experimentation has been revealed, this is the first announcement by the BoJ that it will commence a Proof of Concept (PoC) process with the Digital Yen.
The BoJ published a report called Technical Hurdles for CBDC, in which the bank disclosed that it would check the feasibility of CBDC from a technical perspective while continuing to collaborate with other central banks that are also in development.
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