The Bank of Japan (BOJ) announced on Monday that it would start experimenting on its CBDC. In phase 1 of the experiments, the apex bank will focus on testing the basic function of the digital asset as a financial instrument, particularly in the areas of issuance, distribution, and redemption.
The first phase of the experiments will last until March 2022. Upon completion, BOJ will proceed to Phase 2, which seeks to test more elaborate functions of the digital asset. If needed, the bank will proceed to a third phase, in which end-users and private businesses will be called upon to test the pilot program.
Shinichi Uchida, the bank’s executive director, said last month that there were no current plans to launch a CBDC in Japan. However, they were getting prepared in case the need arises. He explained:
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Source: Cryptocurrency - investing.com
