Bank of Japan to Launch Pilot for Digital Yen in April

Bank of Japan will launch a pilot program this April to test digital yen, announced Shinichi Uchida, executive director at Bank of Japan, at today's fifth meeting of the Liaison and Coordination Committee on Central Bank Digital Currency (CBDC).

Bank of Japan started CBDC experiments in October 2020, which focused on Proof of Concept (PoC). According to Shinichi Uchida, "the aim of the pilot program is twofold: first, to test the technical feasibility not fully covered by the PoCs, and second, to utilize the skills and insights of private businesses in terms of technology and operation for designing a CBDC ecosystem in the possible event of social implementation."