Bank of Japan begins first digital currency proof of concept

Bank of Japan begins first digital currency proof of concept

The first phase of Japan's CBDC pilots will be completed by March 2022, the central bank states. The Japanese central bank has launched a proof of concept for its central bank digital currency, or CBDC, according to an official announcement on Monday.Following initial preparations to test the technical feasibility of core CBDC functions and features in early 2021, the Bank of Japan is beginning CBDC testing in its first phase today. During this phase, the bank plans to develop a test environment for the CBDC system and conduct experiments on basic functions related to payment, issuance,....


Related News

Bank of Japan governor says CBDC preparation can't wait until hour of need

In fresh remarks, Bank of Japan Governor Kuroda Haruhiko said that experiments with a domestic central bank digital currency will begin in spring 2021. Japan is taking a measured but attentive approach to global interest in central bank digital currency issuance. In his latest remarks published on March 16, the Bank of Japan's governor, Kuroda Haruhiko, noted that the institution has not changed its stance and still does not currently have a concrete plan to issue a CBDC.However, this non-commitment does not mean inactivity on the CBDC research and development front by any means. In Oct.....

Japan's SBI Sumishin Building Blockchain Banking Proof-of-Concept

Japan's SBI Sumishin Net Bank has announced it will develop a proof-of-concept (POC) aimed at exploring blockchain banking with Nomura Research Institute (NRI). While details about the project are scarce, NRI said it will seek to "examine business scenarios" with the goal of preparing a prototype for SBI Sumishin. Dragonfly Fintech Pte, a blockchain firm founded by one of the core developers of the cryptocurrency project New Economic Movement, will serve as the project's blockchain tech provider. Founded in 2007, SBI Sumishin is a joint venture between Japan's largest trust bank, Sumitomo....

Bank of Japan to begin digital currency proof-of-concept in 2021

In a recent document from the Bank of Japan, the central bank stressed the need for offline availability. The Bank for International Settlements (BIS), in collaboration with a group of seven central banks, published its first joint report into central bank digital currencies on Oct. 9, focusing on the foundational principles and core features of CBDCs.Alongside the report, the Bank of Japan, one of the members of the group, released a document outlining its own specific approach to CBDCs from a Japan-centric perspective.According to the BoJ report, it will begin the first of several....

Bank of Japan Reportedly 'Very Interested' in Bitcoin

The Bank of Japan is reportedly very interested in the bitcoin digital currency. That is according to the bank's Governor Haruhiko Kuroda - who happens to be the 39th most powerful person in the world of finance, according to Forbes. Kuroda says that the Institute of Monetary and Economic Studies at the Bank of Japan is studying and watching the digital currency closely, but has no plans to take any form of action on bitcoin - be in good or bad. "Compared with traditional ways of money transfers and existing electronic money, Bitcoin has both similar and different aspects," he said in a....

Japan must amend central bank laws to issue digital yen, says official

Japan is getting more serious about the digital yen. Japan needs to adapt its laws to issue a central bank digital currency, according to a local financial official.Kozo Yamamoto, head of the Liberal Democratic Party’s council on financial affairs and a former official at the Ministry of Finance, believes that Japan must revise a law stipulating the Bank of Japan’s (BoJ) mandate and responsibilities regarding the development of a CBDC.According to an Oct. 12 Reuters report, Yamamoto said that potential amendments to the BoJ law would be a good opportunity to consider other changes like....