Japan will launch a pilot programme in April to test the use of its version of the central bank digital currency (CBDC) known as the digital yen, its central bank said on Friday.

"We plan to develop a system for experiments," Bank of Japan (BoJ) Executive Director Shinichi Uchida said in remarks during the fifth meeting of the BoJ Liaison and Coordination Committee on Central Bank Digital Currency.

"The aim of the pilot program is twofold: first, to test the technical feasibility...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," Uchida said.

The move comes after more than two years of proof-of-concept experiments by the BoJ around the digital yen, even as China's digital yuan continues to lead the CBDC race globally, which has extended to more than 105 countries representing over 95% of global GDP.

(By Amitoj Singh)

Related News:

Bank Of Japan Latest To Announce Its CBDC Pilot

Recruiting Agencies in Japan Are Turning to the Metaverse

As Global Regulators Grow Wary of Crypto, Japan Embraces Web3

Japan Urges Regulators Worldwide to Subject Crypto Exchanges To Bank-Level Oversight

Japan Urges the US and EU to Consider Regulating Crypto like Banks

Get the latest news here: Cointime channel — https://t.me/cointime_en