Bank of Japan launches phase I digital yen test

by in Cryptocurrency News

Digital Yen

The Bank of Japan announced the start of the first stage of testing the national digital currency. At the end of last year, it became known that Japanese banks will take part in testing the CBDC.

During the first stage of testing the token, the regulator will assess the possibilities of CBDC as a payment instrument. The first phase should be completed by the beginning of March next year.

After that, the Bank of Japan will launch the second phase of testing, which will involve financial institutions.

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If necessary, the CB will also conduct the third stage of testing, in which companies and private users can take part.

At the same time, the regulator notes that at this stage of development of the financial system of the state there is no need for the emergence of an innovative tool. The Bank of Japan just wants to keep up with the times.

As soon as there is a need for CBDC, the Central Bank will immediately enter the game and promptly implement the digital yen, said regulator Shinichi Uchida in March.