The Bank of Japan has announced it will begin experimenting with a central bank digital currency (CBDC) to check its feasibility from a technical perspective.
BoJ wants to digitize cash but it remains to be seen if Japan can catch up with China which has already begun testing its own CBDC. This is the first time the BoJ has revealed it would commence a Proof of Concept (PoC) process with the digital yen but the bank is yet to reveal a timetable.
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