The Central Bank of Japan announces that it will test the “digital yen” with caution!

The Central Bank of Japan announces that it will test the “digital yen” with caution!

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Answer The Central Bank of Japan announces that it will test the “digital yen” with caution!

Over the past years, developed and developing countries have shown increasing interest in the Central Bank Digital Currency (CBDC).

The Bank of Japan recently announced a cautious approach to the digital yen, indicating that its development path will follow similar steps as Sweden did.

He also revealed that the final decision on issuing a central bank digital currency is likely to be made by 2026.

There are no beta tests as extensive as China:

The BoJ believes that one critical issue is ensuring that it is compatible with its financial infrastructure and other potential digital currencies of other central banks.

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Mr. Kazugesh Komiyama, Head of Payment System Division at the Bank of Japan, said in an interview that the phased and planned expansion of Swedish experiences is more appropriate than China’s approach, as I mentioned Bloomberg.

Earlier this year, China began a large-scale beta test of its digital currency at the Beijing Winter Olympics, aiming to drive broader adoption of the digital yuan.

Meanwhile, Riksbank has focused on technical research on a smaller scale with the aim of examining whether a central bank digital currency can fit into a settlement system with other digital payment providers.

As such, Riksbank has yet to finalize a decision on issuing cryptocurrencies.

Kamiyama added that emerging economies, compared to developed countries, are more likely to release digital money due to the relative weakness of their payment network.

US Treasury Secretary praises central bank currencies:

In a recent speech dedicated solely to cryptocurrencies, US Treasury Secretary Janet Yellen suggested that cryptocurrencies and other stablecoins could achieve additional adoption as a means of payment over bitcoin.

She hinted that the digital currency issued by the Federal Reserve could outperform bitcoin as a medium of exchange due to the instability of bitcoin prices.

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This is a strong indication that the US is actively looking into the pros and cons of CBDCs, laying the groundwork for relevant experiments and studies in the near future.

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