Amid the controversy surrounding whether or not Japan will roll out CBDC, the bank of Japan’s quest to issue the country’s digital version of Japan’s fiat currency continues.
In collaboration with three megabanks and regional banks, the central bank of Japan has commenced a pilot program focused on rolling out CBDC as per a report by local media.
According to the report, the pilot is aimed at providing demo experiments for rolling out the digital version of Japan’s fiat currency starting in the spring of next year.
The bank of Japan is expected to work with major private banks and other organizations to detect and solve any issues related to customer deposits and withdrawals on bank accounts as part of the CBDC trials.
The pilot will as well include testing of whether or not it can work offline, that is, the workability of the potential CBDC without the internet.
The report also noted that the bank of Japan is looking to continue the experiment for the next two years and decide on whether or not it’ll roll out the CBDC by 2026.
Just like the bank of Japan, the apex banks of countries like India and China are also in the race to develop the digital version of their country’s currency.
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