Japan starts a CBDC test program in April: report

Japan starts a CBDC test program in April: report

reported that the Japanese central bank will begin testing the use of a digital yen in April this year.

The institution previously said that it could take Sweden as a model for the introduction of a CBDC.

to catch up with China

As reports CNBC, the test phase includes the processing of simulated transactions with private financial companies. Shinichi Uchida, Executive Director of the Bank of Japan, said that consumers and retailers were excluded from the experiment.

"Our hope is that the pilot program will lead to improved designs through discussions with private companies," he said.

The test aims to prepare the Japanese central bank at the event that the local government issues a digital version of the state currency. Uchida believes that such a financial product should be presented to the private sector before it goes live:

"If a CBDC should be issued in the future, the gradual research of its framework and the highly transparent communication with the private sector are necessary to be accepted in society."

Shinichi uchida, cnbc

The central bank assured a year ago that it will carefully approach the CBDC and ensure its compatibility with the domestic monetary ecosystem. It was also praised to follow the example of Sweden and not to copy China's steps.

The Scandinavian Land carried out Experiments fits how a digital crown fits into your financial network can.

China, on the other hand, started an aggressive campaign to popularize its e-Cny. The local authorities distributed Data Prenerver spaces = "True"> The product worth several million dollars to the residents of several cities, including the capital Beijing, Chengdu, Shenzhen and others. They also allowed the use of digital Yuan during the Olympic Winter Games that took place in Beijing last year.

Exchange flees from Japan

The Japanese government recently passed a draft law that the issuer of cryptocurrencies no longer have to pay 30 % corporation tax on their stocks. Despite the less strict rules, some leading trading places such as Z Krake and Coinbase said that they will be left the local ecosystem.

The former cited the unfavorable conditions on the Japanese market and the decline of the cryptocurrency industry as the main reasons.

coin base followed shortly after reference to similar factors. Local users had time until February 16 to withdraw their money from the platform.

Binance, but wanted to enter the "land of the rising sun" again in September. It strengthened its presence in the region in November by taking over Sakura Exchange Bitcoin (SEBC).

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