{"id":376016,"date":"2023-02-17T03:39:55","date_gmt":"2023-02-17T08:39:55","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=376016"},"modified":"2023-07-25T13:13:10","modified_gmt":"2023-07-25T13:13:10","slug":"japan-is-set-to-launch-digital-yen-cbdc-pilot-in-april","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/japan-is-set-to-launch-digital-yen-cbdc-pilot-in-april","title":{"rendered":"Japan Is Set to Launch Digital Yen (CBDC) Pilot in April"},"content":{"rendered":"<p><span style=\"font-weight: 400\">On Friday, Japan&rsquo;s central bank announced that it will begin a pilot program in April to test a digital yen. This is part of a global trend of countries working to catch up to China, which is leading the way in the launch of a central bank digital currency (CBDC).<\/span><\/p>\n<ul>\n<li><b>What:<\/b><span style=\"font-weight: 400\"> Japan&rsquo;s central bank announced that it will begin a pilot program in April to test a digital yen.<\/span><\/li>\n<li><b>Why: <\/b><span style=\"font-weight: 400\">The hope is that the program will lead to improved designs through collaboration with private businesses.<\/span><\/li>\n<li><b>What next: <\/b><span style=\"font-weight: 400\">The BOJ will carry out simulated transactions with private financial institutions in a test environment as part of their pilot program.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">After conducting experiments for two years to decide on the issuance of a CBDC, the Bank of Japan (BOJ) is now widely expected to launch a digital yen. The timing of the announcement coincides with the upcoming leadership transition at BOJ. This comes as incumbent Haruhiko Kuroda&rsquo;s second five-year term ends in April. Academic Kazuo Ueda is expected to succeed him as the new head of BOJ.<\/span><\/p>\n<p><span style=\"font-weight: 400\">In the opening remarks of the central bank&rsquo;s meeting with private-sector executives, BOJ Executive Director Shinichi Uchida said the pilot program aims to improve designs by talking to businesses.&nbsp;The program involves the BOJ conducting simulated transactions with private financial institutions in a test environment rather than actual transactions among retailers and consumers. The hope is that the program will lead to improved designs through collaboration with private businesses.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Uchida, the next BOJ deputy governor, emphasized the importance of a phased approach and transparent communication with the private sector in exploring the framework for issuing a central bank digital currency (CBDC). According to Uchida, these steps are necessary to adopt a CBDC in society successfully.<\/span><\/p>\n<p><span style=\"font-weight: 400\">As China leads the global<\/span><a href=\"https:\/\/insidebitcoins.com\/news\/90-of-central-banks-are-working-on-cbdc-projects-thus-it-should-be-based-on-xrpl-according-to-ripple\"><span style=\"font-weight: 400\"> race to develop CBDCs<\/span><\/a><span style=\"font-weight: 400\"> and has also launched pilot schemes for retail payments, Japan and other advanced economies are also pursuing this technology. <\/span><a href=\"https:\/\/insidebitcoins.com\/news\/federal-reserve-governor-is-skeptical-of-a-us-cbdc\"><span style=\"font-weight: 400\">The U.S. Federal Reserve<\/span><\/a><span style=\"font-weight: 400\"> is exploring the launch of a fully digital dollar, known by some as Fedcoin, but officials have stated that any such launch would require the backing of elected leaders.<\/span><\/p>\n<p><strong>Read more:&nbsp;<\/strong><\/p>\n<ul>\n<li><a href=\"https:\/\/insidebitcoins.com\/news\/japan-creates-coordination-committee-focused-on-cbdc\">Japan Creates Coordination Committee Focused On CBDC<\/a><\/li>\n<li><a href=\"https:\/\/insidebitcoins.com\/news\/japans-former-finance-minister-urges-government-to-double-up-on-cbdc-plans\">Japan&rsquo;s Former Finance Minister Urges Government to Double Up on CBDC Plans<\/a><\/li>\n<\/ul>\n                                        <div class=\"inContentProviderSingle inContentColor--insidebitcoins fc-row\">\n                        <div class=\"inContentProviderSingle--wrapper\">\n                            <div class=\"container\">\n                                <div class=\"row mb-lg-3\">\n                                    <div class=\"col-12 col-md-8\">\n                                        <p class=\"inContentProviderSingle--title\">Smog (SMOG) - 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This is part of a <a class=\"read-more-link\" href=\"https:\/\/insidebitcoins.com\/news\/in-content-providers\/a-default-box\" title=\"A Default Box\">[&#8230;]<\/a><\/div>","protected":false},"author":1907,"featured_media":376017,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"categories":[7596],"tags":[8824,11706],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.8 (Yoast SEO v21.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Japan Is Set to Launch Digital Yen (CBDC) Pilot in April - InsideBitcoins.com<\/title>\n<meta name=\"description\" content=\"On Friday, Japan&#039;s central bank announced that it will begin a pilot program in April to test a digital yen. This is part of a global trend of countries\" \/>\n<meta name=\"robots\" content=\"max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/376016\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Japan Is Set to Launch Digital Yen (CBDC) Pilot in April\" \/>\n<meta property=\"og:site_name\" content=\"InsideBitcoins.com\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-17T08:39:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-25T13:13:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/02\/china-yuan-renminbi-central-bank-digital-currency.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"850\" \/>\n\t<meta property=\"og:image:height\" content=\"550\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Evans Karanja\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@nmivanco\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Evans Karanja\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/376016#article\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/376016\"},\"author\":{\"name\":\"Evans Karanja\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/72acfe14b9166e2ecc820938305f46b6\"},\"headline\":\"Japan Is Set to Launch Digital Yen (CBDC) Pilot in April\",\"datePublished\":\"2023-02-17T08:39:55+00:00\",\"dateModified\":\"2023-07-25T13:13:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/376016\"},\"wordCount\":394,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"keywords\":[\"CBDC\",\"digital yen\"],\"articleSection\":[\"Breaking Crypto News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/376016#respond\"]}],\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/376016#primaryimage\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/376016\",\"url\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/376016\",\"name\":\"Japan Is Set to Launch Digital Yen (CBDC) Pilot in April - InsideBitcoins.com\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/#website\"},\"datePublished\":\"2023-02-17T08:39:55+00:00\",\"dateModified\":\"2023-07-25T13:13:10+00:00\",\"description\":\"On Friday, Japan's central bank announced that it will begin a pilot program in April to test a digital yen. 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