Home » Bank of Japan Testing Digital Yen to Check its Technical Feasibility

Bank of Japan Testing Digital Yen to Check its Technical Feasibility

news - Bank of Japan Testing Digital Yen to Check its Technical Feasibility

The Bank of Japan has started experimenting with a digital Japanese Yen (JPY) to “check the feasibility of the currency from technical perspectives.”

news - Bank of Japan Testing Digital Yen to Check its Technical Feasibility

This move will come as a surprise to many after its governor appeared to comment on a “lack of demand” for CBDCs back in December.

While government and central bank-issued digital currencies still seem relatively far away in terms of daily use among the public, the fact that testing is well underway bodes well for the technology that has been criticized heavily over the past decade.

In November of last year the European Central Bank announced that it was piloting a testing program along with various central banks across the world on the potential implementation of CBDCs.

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