- Japan plans to launch a CBDC trial program this year
- Bank of Japan plans to work with the business sector on alternative data models
- No actual retail transactions would occur during the pilot, only simulations.
Japan, which prohibits foreign stablecoins like USDT, plans to launch a CBDC, central bank digital currency trial program in April 2023. It will seek to incorporate private companies and test an ecosystem.
At the CBDC committee meeting, the executive director of the Bank of Japan (BoJ) Shinichi Uchida’s announced an opening remarks. In detail, Uchida reveals the Bank’s intention to establish a pilot program for digital yen, following the conclusion of Proof of Concept testing that began in 2021.
The pilot test will extend the experiment to include the modeling of a CBDC ecosystem with the participation of private enterprises. According to the bank official, no actual retail transactions would occur during the pilot, only simulations.
Source: Bank of Japan Press Release
Uchida’s address focuses on the design of the future CBDC and the necessity to work with the business sector on alternative data models, offline payment structures, and other essential system components. For such consultations, the CBDC forum will be established.
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