Bank of Japan starts CBDC experimentation today
The Bank of Japan (BOJ) has hinted several times that although it has no immediate need for a central bank digital currency (CBDC), it will start developing it. The apex bank has now officially started experimenting on its CBDC.
BOJ launches Phase 1 of CBDC development
The Bank of Japan announced earlier today that it had launched the first phase of its CBDC experimentation. The apex bank has made it known that it intends to develop a central bank digital currency and has now started working towards it.In a press release earlier today, the BOJ stated that "The Bank of Japan has been undertaking preparations to begin experiments on Central Bank Digital Currency (CBDC) in the early fiscal year 2021, to test the technical feasibility of the core functions and features required for CBDC. As necessary preparations are now complete, Proof of Concept (PoC) Phase 1 begins today."
The first phase of the experiment will focus on testing the basic functions of the CBDC, including issuance, distribution, and redemption. The apex bank expects this phase to last till March 2022. "In PoC Phase 1, the Bank plans to develop a test environment for the CBDC system and conduct experiments on the basic functions that are core to CBDC as a payment instrument such as issuance, distribution, and redemption. This phase will be carried out through March 2022, for a duration of one year," the press release added.
After completing Phase 1, the BOJ will move to Phase 2, where it would test more detailed functions of CBDC. The Bank of Japan added that it would consider moving to Phase 3 based on its results from the first two phases. The Phase 3 will involve live-testing the CBDC with private businesses and other end-users.
BOJ has no plans to issue a CBDC yet
Although the Bank of Japan is now officially working on developing a CBDC, it has maintained several times that it didn't intend to issue one anytime soon. The bank wants to be ready in case the need for a CBDC arises in the future.The Bank of Japan's executive director Shinichi Uchida previously stated that "We believe that initiating experiments at this stage is a necessary step. Given the current factors at play, including technological developments at home and abroad, there is a reasonable possibility for CBDC to provide a means of payments and settlements and for such systems to become global standards."
Central banks globally are researching ways to develop and issue digital currencies as they believe the global financial system is moving towards the digital realm.
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