EDUSELL
Financial Market Examiner
Midas Crypto Vault
  • Home
  • Education
  • Forex News
  • Crypto News
  • Stocks
  • Reviews
No Result
View All Result
  • Home
  • Education
  • Forex News
  • Crypto News
  • Stocks
  • Reviews
No Result
View All Result
Financial Market Examiner
No Result
View All Result
Home Crypto News

Bank of Japan to Launch Digital Yen CBDC Pilot Later This Year

Admin by Admin
February 23, 2023
in Crypto News
0
Central Bank Of Brazil Announces Experimental CBDC
0
SHARES
11
VIEWS
Share on FacebookShare on Twitter
Event Event

The Bank of Japan is advancing in its research for the issuance of a hypothetical Japanese central bank digital currency (CBDC), the digital yen. On Feb. 17, Shinichi Uchida, executive director of the Bank of Japan, announced the bank had decided to launch a new pilot for the digital yen, as a continuation of two phases of proof-of-concept tests.

Uchida said that the new pilot will focus its activities in two directions. The first one will be the fine-tuning of the technical aspects of the currency, in order to test new use cases and integrate the system with other structures.

The second direction has to do with the inclusion of private institutions in the pilot to provide feedback and help improve the design of the digital yen. To achieve this goal, the Bank of Japan will establish a CBDC Forum, with private entities in the payments area being invited to contribute to the project.

Uchida also explained the way in which the announced pilot tests will be executed. The Bank of Japan will take an incremental approach, proposing narrower objectives first and then expanding the scope of the program. Also, he clarified the new pilot will not include transactions between retailers and consumers, with only simulated transactions being settled during this test.

The launch of this test is no surprise, as Nikkei had reported about it in November. At that time, the outlet informed the tests would have a duration of two years and would focus on testing the functionality of the system in offline environments.

Even with the launch of this pilot program, the issuance of a digital yen is still not a sure thing. In March last year, Haruhiko Kuroda, governor of the Bank of Japan, stated there were no plans for issuing a CBDC.

Share on TwitterTweet
Share on Pinterest Share
Share on LinkedIn Share
Share on Digg Share
Tags: bank of japanCBDCCryptodigital yen
Institutional Trading Concept Institutional Trading Concept Institutional Trading Concept
ADVERTISEMENT
Previous Post

GBP/USD Advances Above 1.2050 Amid USD Pull Back

Next Post

Canadian Regulators Consider Stablecoins as Securities

Admin

Admin

Next Post
Ethereum Will Dominate Stablecoin Wars

Canadian Regulators Consider Stablecoins as Securities

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

  • 99 Subscribers
  • Trending
  • Comments
  • Latest
yen and dollar

FOREX-Yen Flirts With Intervention Level As Dollar See Gains

October 11, 2022
AUD USD pair

Forex: AUD/USD Point To More Downside For The Aussie

October 20, 2022
Mayowa Owolabi on battles traders need to fight

Battle Every Trader Must Fight (Part 1)- Mayowa Owolabi

August 31, 2022
Axie Infinity price

Axie Infinity Price Eyes 25% Gains Ahead of the Token Unlock

April 21, 2023
XAGUSD pair

XAG/USD Climbs to Mid-$19.00s

4
Premier League Considering Partnership With NFT Crypto Platform

Premier League considering partnership with NFT crypto platform

2
EUR/USD pair

EUR/USD Recovers from 20-year Lows

2
Binance Refocuses Efforts For Belgian Clients

Binance Proof-Of-Reserve Pledge Earns Support Following FTX Crisis

2
Ethereum Retail Traders On The Run As ETH Price Struggles At $1.6K

Ethereum Retail Traders On The Run As ETH Price Struggles At $1.6K

October 2, 2023
While Bitcoin And Ethereum See Outflows, XRP And Solana Experience Inflows

While Bitcoin And Ethereum See Outflows, XRP And Solana Experience Inflows

October 2, 2023
HTX (Ex-Huobi) Hacked; Justin Sun Assures Fund Safety

HTX (Ex-Huobi) Hacked; Justin Sun Assures Fund Safety

October 2, 2023
Russian Actor Loses Over $250k To Crypto Scam

Russian Actor Loses Over $250k To Crypto Scam

October 2, 2023

Recent News

Ethereum Retail Traders On The Run As ETH Price Struggles At $1.6K

Ethereum Retail Traders On The Run As ETH Price Struggles At $1.6K

October 2, 2023
While Bitcoin And Ethereum See Outflows, XRP And Solana Experience Inflows

While Bitcoin And Ethereum See Outflows, XRP And Solana Experience Inflows

October 2, 2023
HTX (Ex-Huobi) Hacked; Justin Sun Assures Fund Safety

HTX (Ex-Huobi) Hacked; Justin Sun Assures Fund Safety

October 2, 2023
Russian Actor Loses Over $250k To Crypto Scam

Russian Actor Loses Over $250k To Crypto Scam

October 2, 2023
Financial Market Examiner

Get all the latest Financial Market (Crypto & Forex) news, updates and other relevant resources here.

Follow Us

Browse by Category

  • Crypto News
  • Education
  • Entertainment
  • Forex News
  • Gaming
  • Review
  • Reviews
  • Stocks
  • Uncategorized

Recent News

Ethereum Retail Traders On The Run As ETH Price Struggles At $1.6K

Ethereum Retail Traders On The Run As ETH Price Struggles At $1.6K

October 2, 2023
While Bitcoin And Ethereum See Outflows, XRP And Solana Experience Inflows

While Bitcoin And Ethereum See Outflows, XRP And Solana Experience Inflows

October 2, 2023

© 2022 Financial Market Examiner. - Designed by Mayconcept Solutions.

No Result
View All Result
  • Home
  • Education
  • Forex News
  • Crypto News
  • Stocks
  • Reviews

© 2022 Financial Market Examiner. - Designed by Mayconcept Solutions.

?>