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Written by admin on 21. February 2023

Japan to Launch Digital Yen Pilot in April: BOJ

Allgemein

• Japan is set to launch a pilot program in April to test the use of its version of a central bank digital currency (CBDC) known as the digital yen.
• The move comes after more than two years of proof-of-concept experiments by the BoJ around the digital yen, even as China’s digital yuan continues to lead the CBDC race globally.
• The move also comes at a time when the BoJ is set for leadership transition, with Kazuo Ueda expected to take over the top job from Haruhiko Kuroda when his second five-year term ends in April.

Japan Launching Pilot Program for Digital Yen

Japan will launch a pilot program in April to test the use of its version of a central bank digital currency (CBDC) known as the digital yen, according to Bank of Japan (BoJ) Executive Director Shinichi Uchida. This follows more than two years of proof-of-concept experiments by the BoJ and signals leadership transition in April when Kazuo Ueda takes over from Haruhiko Kuroda.

Objective of Pilot Program

The objective of this pilot program is twofold: first, it will test technical feasibility; second, it will make use of private businesses’ technology and operation skills for designing an ecosystem should social implementation become necessary.

FTX Japan Customers Getting Money Back

FTX Japan customers may be able to withdraw their funds as soon as mid February according to blog post from Liquid by FTX which would make them some of the first customers on collapsed crypto exchange who get their money back. CoinDesk Executive Director Emily Parker discusses how Japanese regulatory framework made this possible.

China’s Digital Yuan Leading Way Globally

China’s digital yuan continues to lead global CBDC race, now extended over 105 countries representing 95% global GDP, while various nations are still experimenting or developing their own CBDC initiatives such as India and United States respectively.

Leadership Transition at BoJ

Kazuo Ueda is expected to take over top job at BoJ from Haruhiko Kuroda when his second five year term ends April which could spark further development towards issuance and usage model for Japanese CBDC initiative.

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