Japan begins testing digital yen in April
Software

Japan begins testing digital yen in April

A pilot project to test the digital yen will be launched in April, Reuters writes, citing a report by the Bank of Japan. In the first phase in April 2021, the mechanisms for issuing and transferring digital currencies were tested; testing of other platform functions will be completed in March this year; and a pilot project will be launched in April to test technical aspects that could not be implemented at the prototype stage.

    Image source: jun rong loo / unsplash.com

Image source: jun rong loo / unsplash.com

As part of the pilot project, a test platform is being developed with all the necessary components: central system, intermediate components and end devices in a single complex. During the pilot phase, real transactions between merchants and consumers will not take place – they will be replaced by simulations. And at the end of the phase, a forum dedicated to the digital yen will be held, which will be attended by private companies involved in the processing of retail payments and the development of related technologies.

Central banks in 114 countries around the world are now dealing with digital currency issues – for comparison: in May 2020 there were only 35. The project is actively supported by the Bank for International Settlements, which oversees the interaction of central banks from different countries. Japan will make the final decision on launching the official digital currency in 2026.

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Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

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