Japan Will Start to Test Its CBDC Functions in April

by in Cryptocurrency News

Japan CBDC

Today, March 26 the Bank of Japan published an announcement on behalf of the executive director UCHIDA Shinichi concerning the country's CBDC.

Related: Bank of Thailand announced the legalization of stablecoins

The Bank informed it will begin to test the implementation and main functions of its digital currency from April 2021. There was established Liaison and Coordination Committee on Central Bank Digital Currency which will share details and provide updates.

Japanese financial authority released "The Bank of Japan's Approach to Central Bank Digital Currency" in October 2020, after which has been getting ready to carry out experiments.

As reported, the experiment will decide if the Bank would develop a pilot program or no.

Another country having talked about CBDCs this week was China. On March 25 the country put forward a set of global rules for central bank digital currencies. The deputy director of People Bank of China Mu Changchun suggested creating a “scalable and overseen foreign exchange platform,” supported by distributed ledger technology (DLT) like blockchain.