Japan is accelerating the development of the digital version of the yen. The country’s central bank has now decided to develop and test a token using the same mechanism that Sweden had previously chosen.
The Japanese regulator plans to start testing the CBDC in April 2023 and attract retail and corporate users to it, as was announced last Friday by the head of the Central Bank, Shinichi Uchida.
The tests will begin after the regulator completes the formation of the CBDC concept, which it has been working on since 2021, he has explained.
The BoJ wants to check how, from a technical point of view, the mechanism for paying for goods and services using a token will work.
The regulator expects to present the final version of the design of the digital yen only after consultations with the expert community are completed.
