The Bank of Japan will conduct a digital yen test with large Japanese banks, which may be issued in 2026
CTOnews.com, November 23 (Xinhua) according to the Nikkei News, the Bank of Japan is coordinating an experiment with Japan's three major banks and local banks to issue central bank digital currency, which will begin in the spring of 2023.
The Bank of Japan will spend two years verifying whether there is a problem with deposits and withdrawals and deciding whether it will issue digital currency in 2026.
CTOnews.com learned that, similar to China's digital RMB, Japanese digital currency also belongs to the "Central Bank Digital currency (CBDC:Central Bank Digital Currency)" and is considered to meet the following three conditions.
Must be digitized
Must be denominated in legal tender such as Japanese yen
Must be issued as a central bank debt
