Japan to Start Experimenting With CBDC
Japan's central bank says it plans to start CBDC tests in the months of spring
The bank's Governor stressed that Japan does not plan to introduce a digital yen, but wants to thoroughly prepare for its possible launch. The situation on the cryptocurrency market is changing rapidly, and it may be necessary to deploy the project urgently.
The main task facing the regulator is to check the stability of the financial system after the connection of the CBDC. The main forces will be thrown at this.
Work in this direction is carried out in Japan since the beginning of 2020. The Japanese regulator has established a fruitful cooperation with Canadian, British, Swedish, and Swiss colleagues.
During the year, the prospects of launching a national cryptocurrency were carefully studied. A separate working group has even been set up in Japan for this purpose.
The results of the development are planned to start testing in the spring. However, as the representative of the regulator has previously said, if the idea of THE CBDC is not supported by the public, the central bank will not introduce a digital yen.