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Bank of Japan to unveil CBDC digital yen in 2023

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The Bank of Japan

is moving to the next phase by introducing the Central Bank Digital Currency (CBDC) of Japanese Yen with three megabanks and regional banks for an experiment in 2023.

are finally becoming the center of attention and they might be the highlight of 2023 because so many countries are currently gearing up to launch CBDC of their fiat currencies.

Digital currencies

The Bank of Japan

 plans on doing a demonstration experiment with three megabanks and then moving towards private banks and other major organizations by the spring of 2023.

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hasn’t mentioned any names of the megabanks but they will most probably be the ones that dominate the country at the moment and have a good reputation.

The team

The Bank

will see if there are any issues with deposits and withdrawals, and also if CBDC can effectively accommodate during emergency situtions such as natural disasters or without internet access.

According to a report by Nikkie,

 the BoJ will continue experiments for 2 years by working with these megabanks and then officially launch for public use in 2026.

isn’t the only one doing it. Recently Saudi Arabia’s Central Bank also announced they are introducing a CBDC program, and the Bank of Korea is also experimenting with digital Won.

The Bank of Japan