Today the Bank of Japan (BoJ) confirmed that it has started central bank digital currency (CBDC) trials. The aim is to explore the technical feasibility of a digital yen in its first phase Proof of Concept (PoC) which will last for a year to March 2022. The central bank has not yet decided whether to proceed with a CBDC.
A short statement said it would trial basic functions such as issuance, distribution and redemption.
Six months ago, the central bank published a CBDC document in which it outlined three stages of trials, including two phases for Proofs of Concept followed by a pilot.
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