According to a Nikkei story from November 23, 2022, the Bank of Japan (BoJ) intends to examine the viability of a digital yen.
In the spring of 2023, the central bank of the island nation, the Bank of Japan, will start collaborating with three of its biggest banks and other organizations on a central bank digital currency (CBDC).
Additionally, it will investigate whether a CBDC can operate in remote locations and in the event of a natural disaster.
Although the banks’ names were left out of the study, the “three megabanks” of Japan are widely considered to be Mitsubishi UFJ Financial Group Inc., Sumitomo Mitsui Financial Group Inc., and Mizuho Financial Group Inc.
By developing a test environment for a digital yen and looking at fundamental functions, such as issuance, distribution, and redemption, the BoJ last year added its name to the growing list of central banks looking into CBDCs.
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