Bank of Japan Set to Begin Experimenting with CBDC 


Earlier today, the Bank of Japan (BOJ) announced that it began experimenting with the possibility of issuing its own central-bank digital currency (CBDC). The central bank first entertained the idea of a CBDC back in February. Now, the decision to ramp up their timeline coincides with other nations making strides in creating their own digital currency. China recently laid out its plans to create a digitized Yuan, with several pilot programs already under its belt. In March, the Eastern Carribean Central Bank also officially launched its digital currency. BOJ to Conduct First Phase of Experiments This Spring In a statement, the BOJ stated that its first phase of experiments will be carried out until at least March 2022 — focusing on the technical feasibility of issuing, distributing and redeeming its CBDC. Once that is complete, the central bank will transition to the second phase of its experiments, hammering out the…

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