The Bank of Japan (BoJ) has announced it will review plans to roll out a central bank digital currency (CBDC) in the spring of 2024. The move follows several pilots that promise a future for both crypto and digital fiat currency in the nation.

According to an announcement on January 22, 2024, the earliest the central bank could roll out the CBDC would be in 2026. The digital yen has been in the pipeline since its initial pilot in May 2023.

Japan CBDC Pilots at Advanced Stage

The BoJ is currently testing end-to-end CBDC payment flows that involve external system connections. Altogether, the second phase reached transaction speeds of 500-3,000 transactions per second between 100,000 users via five intermediaries.

A central bank digital currency is a blockchain version of currency issued by a government. It allows central banks, retail banks, and retail customers to settle fiat currency transactions faster and quicker than traditional bank rails. Depending on the architecture of the CBDC (several have been proposed and/or implemented), transactions would be recorded and synchronized in real time.

Furthermore, Central banks in the United Arab Emirates, China, Hong Kong, and Thailand have tested a CBDC superhighway called mBridge to link regional banking traffic. Strengthening ties with Russia Go to Source to See Full Article
Author: David Thomas

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