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Bank Of Japan Latest To Announce Its CBDC Pilot

Japan is all set to launch a pilot program In April this year to test its digital currency Yen, announced the Bank Of Japan on Friday. The goal of this initiative is to explore the potential benefits and challenges of a digital yen, which could lead to its eventual adoption as a legitimate currency in Japan.

Bank of Japan has been conducting experiments in the last 2 years for CBDCs to make a decision on the launching of digital currency. The country has not been actively digitizing its payment systems, however, this move was highly expected.

It was up to the citizens of Japan to decide if they want the issuance of CBDC, however, in case the government decides to launch a digital currency, the central bank of Japan will be prepared for the same.

(By Shourya Jha)

Get the latest news here: Cointime channel — https://t.me/cointime_en

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