Japan begins testing digital currency



On April 5, the Bank of Japan (BOJ) began phase 1 of a three-stage trial to test the basic functions of the central bank-issued digital currency in the context of other central banks in the US, China and Europe is intensifying their efforts towards adopting this new form of payment.

 In phase 1, from now until March 2022, BOJ will experiment with the issuance, distribution and redemption of digital currencies, among other functions.

Japan is testing digital currencyJapan is testing digital currency / ph: instagram@kimbza

 However, the BOJ maintains that this central bank has no plans to issue a digital currency yet.

 BOJ Governor Haruhiko Kuroda said it is important to "be well prepared to respond to changes" and that the central bank only starts looking at digital currencies when there is a need.  Release is not an appropriate policy response.

 Previously, in October 2020, BOJ announced plans to conduct testing of digital currency.  After the first phase, BOJ will turn to technical issues about how to ensure the safety of the coin.

 In the final phase, the BOJ will consider a pilot program that will involve the private sector and users of the digital currency.

 Currently the People's Bank of China (PBOC) is at the forefront in promoting the use of digital currencies and aims to internationalize the digital yuan through cooperation with the central banks of Thailand, United Arab Emirates (UAE) and Hong Kong territories.

 These Chinese efforts could change the current global financial system.  Against this backdrop, Fed Chairman Jerome Powell has declared a potential digital dollar is a project with high priority but is cautious about issuing this coin.

Japan begins testing digital currency

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