Bank of Japan to launch digital yen pilot program in April

Par : Justine| Key words : Japan, yen, digital currency, BOJ

French.china.org.cn | Updated on 18-02-2023

The Bank of Japan (BOJ) announced on Friday that it will launch a pilot program next April to test the use of a digital yen with commercial financial institutions.

As part of this program, the BOJ said in a statement that it will conduct simulated transactions with private entities in a test environment, which will help it prepare in case the government decides to issue a yen. digital.

Dozens of financial institutions, including the country’s major banks, regional lenders and digital payment service companies, are expected to take part in the trials, the BOJ said, adding that it did not yet expect stores or actual consumers participate.

This pilot program will mark the final phase of Japan’s consideration of a digital yen which its proponents say will boost the digital economy in a country where cash still accounts for a large share of payments. .

The Bank of Japan will create a digital currency forum to serve as a discussion platform with private companies.

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