The central bank of Japan has announced that it will begin experimenting with a central bank digital currency (CBDC) to check its feasibility from a technical perspective. The central bank expressed its interest in creating a digital version of its national currency yen.
This is the first time that the Bank of Japan as revealed that it would commence a Proof of Concept process with the digital yen, but the bank is yet to reveal a timetable.
The Bank of Japan (BoJ) also published a research paper on central bank digital currency (CBDC). Although it’s a research paper, the Bank recognizes there will be a growing need for a digital currency with the steady decline in the use of cash. However, in Japan, four out of five retail transactions still use cash.
The Bank considers two critical features of a CBDC are universal access and resilience. That means using the digital yen without electricity, especially given Japan’s recent earthquakes and power outages.
The paper very briefly explored the potential for a centralized versus a decentralized CBDC and stated that potentially both could be made capable for offline use.
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Bank of Japan research: offline payments for central bank digital currency - Ledger Insights - enterprise blockchain
Yesterday the Bank of Japan (BoJ) published a research paper on central bank digital currency (CBDC). As with previous papers, the Bank explored a specific topic, in this case, the potential offline use of a digital yen. Although it's a research paper, the Bank recognizes there will be a growing need for a digital currency with the ...
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