Japan to launch pilot testing of digital currency system in April

Japan to launch pilot testing of digital currency system in April

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Author: Robert Strickland
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Japan to launch pilot testing of digital currency system in April
The goals of the new phase of experiments with CBDC will be to test the technical feasibility of integrating digital currency into the existing financial system and to improve the development based on the experience of private companies

Japan will launch a pilot program in April to test the system of its version of the central bank's digital currency (CBDC). The announcement was made by Bank of Japan Executive Director Shinichi Uchida, speaking at a meeting of the regulator's core committee.

The transition to a new stage of experiments with the national currency will take place after more than two years of testing the CBDC concept. The first objective of the pilot program will be to test the technical feasibility of CBDC integration into the country's existing financial system. The central bank will try to ensure the interconnection of the national currency with the system of the central bank, intermediaries, end-users and other stakeholders.

The second goal of the program will be to improve the CBDC system in terms of technology and functionality, taking into account the skills and experience of private companies. To achieve this goal, the regulator will create a "CBDC Forum" and invite private enterprises involved in retail payments or related technologies to participate.

For now, the experiment is not expected to involve actual transactions between retailers and consumers, the report said. Only simulated transactions will take place in the test environment.

Meanwhile, Russia will start testing already real transactions of individuals with the digital ruble from April 1. 13 banks will try merchant payments and transfers between real clients.

 

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