The Bank of Japan Is Making Preparations to Begin the CBDC Pilot in 2023.
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In the spring of 2023, the BoJ will start to work with commercial banks and other groups to find any problems with deposits and withdrawals. Also, check to see if a central bank digital currency (CBDC) can work during natural disasters and in places that don’t have access to the internet.
Japan Enters the CBDC Race
The report says that Japan’s central bank plans to keep testing CBDC for another two years before deciding whether or not to launch a digital currency by 2026.
The news comes at a time when governments all over the world are doing more research and promoting CBDC, with China leading the way in this area.
Earlier on CoinGape, it was reported that the New York Fed would be taking part in a twelve-week CBDC pilot with five other big banks. Even the central bank of India just announced when the pilot launch of the Digital Rupee will happen.
India moves back the date for the pilot launch of the digital rupee.
Last year, a BoJ official said that the central bank’s goal is to make sure that a CBDC makes private payment providers compete with each other and is open to everyone.
Not All Are Keen On CBDCs
Denmark has dropped out of the race to create a CBDC, but the rest of the world has moved quickly to do so. The central banks gave many reasons for getting rid of their CBDCs, such as the problems they could cause for the private sector and other problems.
Source: Google Trend