Japan Will Launch Pilot for Issuing Digital Yen in April

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

Read more: CoinDesk