Japan will start its pilot program of digital currency issued by the central bank, or CBDC, in April this year. Bank of Japan Executive Director Shinichi Uchida recently stated:
It is hoped that the pilot program will lead to better proposals through discussion with private businesses. If a CBDC is to be issued in the future, exploring its framework in such a phased manner and engaging in highly transparent communication with the private sector are necessary steps to take for societal adoption.
Japan's central bank will launch a pilot program to issue a digital yen to prepare in case the local government decides to issue a digital version of the national currency. According to Uchida, the private sector should be involved in introducing this financial product before it goes live. A year ago, the central bank assured the public that the CBDC would be approached with caution and compatibility with the domestic monetary system would be taken into account. It also pledged not to copy the Chinese model and to follow Sweden's example. This announcement comes at a time when interest in digital currencies and their development is increasing worldwide. Countries like China and South Korea have already introduced their own CBDC projects, while in the US the Fed is working on research into a digital dollar .
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