The Bank of Japan continued experimenting with the potential of the digital yen with 3 mega banks and regional banks; To conduct a pilot issuance of a central bank digital currency (CBDC), despite uncertainty in Japan regarding the issuance of a central bank digital currency (CBDC).
The digital yen pilot program aims to provide pilot trials for issuing Japan's national digital currency, the digital yen, starting in spring 2023, Coin Telegraph reported.
As part of the trial, the BoJ is expected to collaborate with major private banks and other institutions to discover and resolve any issues with customers' deposits and withdrawals to bank accounts.
According to the report, the beta will include testing the offline functionality of a potential BOJ digital currency, targeting offline payments.
The Bank of Japan plans to go ahead with the CBDC trial for about two years and decide whether to issue a digital currency by 2026, the report notes.
The news comes amid countries around the world increasingly launching research and development initiatives for a central bank digital currency, with countries like China leading the global race.
As Cointelegraph reported on Tuesday, the Reserve Bank of India is preparing to start a digital rupee pilot in collaboration with major domestic banks including the State Bank of India in December.
