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The Bank of Japan (BOJ) began work on a CBDC, the concept of which was described in October 2021. The digital yen testing will end by early spring 2022, local authorities said.
The bank called the development of a test environment for the national crypto ecosystem as one of the initial stages of checks. In addition, now we are talking about active experiments with the main functionality of the digital yen related to payment, distribution and emission of national tokens.
According to the project roadmap, the first participants in the crypto testing will be some payment providers selected by the country's Central Bank. As a liaison to the project, a specially created Committee has been assigned to cooperate with the private sector in checking the work of the national crypto.
Once the BOJ announced that it did not plan to issue its own digital token. But the department well understood the importance of preparing for a change in the global trend associated with ensuring the stability of currencies, as well as the efficiency of payment systems.