Japan’s central bank has started. A new digital currency trial to test how it can be used, the Bank of Japan announced today. MondayThe announcement came after the Chinese government said it was doing very similar things to the digital yuan in Early march.
“The Bank of Japan has made preparations to begin the central bank digital currency (CBDC) experiment in early fiscal 2021 to test the technical feasibility of the core functionality and features required for CBDCs,” said Bank of Japan. Japan said in a published statement. Online“Once the necessary preparations are complete, Proof of Concept (PoC) Phase 1 will begin today.”
The announcement confirms rumors that have been raised since the end of 2020 about Japan’s potential to generate the digital yen. But there is no guarantee that Japan will make digital currency available to the public. Everything is in extreme trials right now, according to the Bank of Japan.
“In the Phase 1 PoC, the bank plans to develop a test environment for the CBDC system and conduct experiments on the fundamental functions of the CBDC as a payment tool such as issuance, distribution and redemption,” said the Bank of China statement. Japan continues. “This period will run until March 2022 for a period of one year.”
As Register Point out that almost every large central bank in the world An experiment or rumor is being experimented with cryptocurrencies to make sure they are ready whenever it might be time to issue a currency, and as cryptocurrencies like bitcoin and ether become more mainstream through services such as: PayPalThat time might be faster, slower.
In the United States, Finance Minister Janet Yellen said she supported financial research into the digital dollar, although she signaled the conservative mindset you’d expect from senior government officials. At least that type of thought. Normal (read: Trump post) government.
“There are many things to consider here. But it’s totally worth a look, ”Yellen said back in. February.