Bank of Japan Announces Plans for Digital Yen

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The Bank of Japan announced its plans to begin experimentation with a central bank digital currency (CBDC) to review its feasibility from a technical perspective. The Boj reportedly wants to digitize cash though it remains unknown how possible it is for Japan’s digital Yen to catch up with China’s own digital currency which is already in the testing phase. This is the Boj first time revealing that it will be conducting a proof-of-concept test but the bank is yet to reveal its timetable. 

According to a report titled Technical Hurdles for CBDC, the bank plans to check for its CBDC feasibility from a technical perspective and also plans to collaborate with other banks as well as other relevant institutions. The report explained that the Boj plans to review two major technical hurdles which are the CBDC universal access and its resilience. According to information provided by Nikkei, in 2018 on 65% of Japan's population own smartphones, the Boj intends to develop a CBDC which will be available to everyone.

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