{"id":300314,"date":"2023-02-17T10:40:38","date_gmt":"2023-02-17T10:40:38","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=300314"},"modified":"2023-02-17T10:39:33","modified_gmt":"2023-02-17T10:39:33","slug":"japan-to-launch-cbdc-pilot-program-for-issuance-of-digital-yen","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/japan-to-launch-cbdc-pilot-program-for-issuance-of-digital-yen\/","title":{"rendered":"Japan to launch CBDC pilot program for issuance of digital Yen"},"content":{"rendered":"

Bank of Japan director Uchida Shinichi said that the apex bank would launch a central bank digital currency (CBDC) pilot program to test the use of digital yen from April.<\/p>\n

The Bank of Japan launched the Proof of Concept (PoC) phase of its CBDC experiment in April 2021. The PoC was designed to\u00a0investigate the technical feasibility and processing performance of the CBDC system.<\/p>\n

In view of improving the findings of the PoC phase, Uchida Schinichi announced<\/a> on Feb. 17 that the BOJ would launch the pilot program starting in April 2023.<\/p>\n

The two-fold objective of the pilot program is: first, to test the technical feasibility not fully covered by the PoCs, and second, to engage the private sector in the CBDC experiment.<\/p>\n

Uchida said that the BOJ will conduct simulated transactions with private financial institutions in a test environment.<\/p>\n

\u00a0“…engaging in highly transparent communication with the private sector are necessary steps to take for adoption in society, Uchida added.<\/p><\/blockquote>\n

Uchida explained that the pilot program will help the BOJ be ready in case the government decides to issue a digital Yen.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bank of Japan director Uchida Shinichi said that the apex bank would launch a central bank digital currency (CBDC) pilot program to test the use of digital yen from April. The Bank of Japan launched the Proof of Concept (PoC) phase of its CBDC experiment in April 2021. The PoC was designed to\u00a0investigate the technical […]<\/p>\n","protected":false},"author":1378,"featured_media":300321,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[76669],"tags":[],"post_folder":[],"acf":[],"yoast_head":"\nJapan to launch CBDC pilot program for issuance of digital Yen<\/title>\n<meta name=\"description\" content=\"The pilot program aims to test the technical feasibility not fully covered by the PoCs and onboard the private sector.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/japan-to-launch-cbdc-pilot-program-for-issuance-of-digital-yen\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Japan to launch CBDC pilot program for issuance of digital Yen\" \/>\n<meta property=\"og:description\" content=\"The pilot program aims to test the technical feasibility not fully covered by the PoCs and onboard the private sector.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/japan-to-launch-cbdc-pilot-program-for-issuance-of-digital-yen\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-17T10:40:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-17T10:39:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/02\/japan-digital-yen.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Christian Nwobodo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Christian Nwobodo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/japan-to-launch-cbdc-pilot-program-for-issuance-of-digital-yen\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/japan-to-launch-cbdc-pilot-program-for-issuance-of-digital-yen\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/christian-nwobodo\/#person\",\"name\":\"Christian Nwobodo\",\"url\":\"https:\/\/cryptoslate.com\/author\/christian-nwobodo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/christian-nwobodo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/christian-nwobodo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/chriscen-author-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/chriscen-author-300x300.jpg\",\"caption\":\"Christian Nwobodo\"},\"jobTitle\":\"Journalist\",\"description\":\"Christian is a crypto-curious nerd who loves to investigate how protocols work under the hood. 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