Japan expects to have more clarity on its digital yen’s technical and design features by late 2022, said Hideki Murai, head of the Liberal Democratic Party’s panel on digital currencies, Reuters reported.
This coincides with the Bank of Japan (BoJ) plans to complete its first phase Proof of Concept (PoC) for a central bank digital currency (CBDC) in May 2022. The BoJ is currently exploring the technical feasibility of a digital yen.
New details of the currency’s design may shed further light on how a CBDC issuance could affect the country’s financial institutions. Japanese domestic banks hope that further information will include themselves as the intermediaries between the Bank of Japan (BoJ) and deposit holders.
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