CBDC To Emerge in the Land of the Rising Sun

Leading Crypto Firms May Flock to Japan After New Rules
  • 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.

In other news, in the past 24 hours, the price of Bitcoin (BTC) experienced a dramatic increase. Although it could be due to a variety of factors, it is quite likely that it is connected to a certain prominent personality who helped bring attention to the issue.

Keanu Reeves, the star of “The Matrix” and a beloved celebrity among the general public, advocated for Bitcoin in detail. Specifically, he asserts that Bitcoin (BTC) is an excellent tool for resource exchange. He argues that by criticizing the asset, the cryptocurrency merely improves.

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José is a crypto enthusiast who trades crypto night and day. He loves to share his trading stories and experiences in all his published articles. José likes to hang out and travel to meet new friends. Enjoys sushi, vodka, and tequila.