Bank of Japan Sets CBDC Pilot Programme In Motion

Bank of Japan Contemplating Upon Its CBDC Plan for Two Years

For the past two years, the BOJ has been testing whether or not to issue a CBDC. In his opening remarks to the central bank's meeting with executives from the private sector, BOJ Executive Director Shinichi Uchida stated that the pilot program would "lead to improved designs through discussion with private businesses."

BOJ to Continue Preparing for Digital Yen

In Japan, where payment systems have lagged behind the rest of the world in the race to become digital, the central bank intends to issue a central bank digital currency (CBDC).

Even though it is up to the public to decide whether or not to actually issue a digital yen, the BOJ has stated that it will continue to make thorough preparations in the event that the circumstances call for the introduction of a CBDC.