Japan launches expert panel to explore the feasibility of digital Yen
Japan Launches expert panel to explore the feasibility of Digital Yen
- Japan’s finance ministry is reportedly planning to launch an expert panel next month in order to explore the feasibility of a digital Yen.
- A pilot program involving the BOJ and other financial stakeholders will begin at the same time.
Japan’s finance ministry is reportedly planning to launch an expert panel next month in order to explore the feasibility of a digital Yen, or central bank digital currency (CBDC). According to NHK, this panel will use the findings of over two years of proof-of-concept experiments conducted by the Bank of Japan (BOJ).
Additionally, a pilot program involving the BOJ and other financial stakeholders will begin at the same time. The ministry intends to consider the opinions of the panel in order to prepare for a potential introduction of a digital yen, despite statements from BOJ officials saying they have no plans to issue one.
As President of the G-7 industrialized nations this year, Japan is reportedly planning to drive tougher global cryptocurrency regulations, according to a report by Kyodo news.
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Damilola Lawrence
Damilola Lawrence has covered news on crypto markets and tech for over 5 years. He has previously shared crypto insights and analysis for TheShibMagazine, CryptoMode, Qweens Magazine, and The Recording Academy before pivoting into Web3. At Cryptopolitan, he is a crypto price prediction specialist. After finishing a bachelor’s degree, he has segued into a master’s degree in IT Cybersecurity at Maria Curie-Skłodowska University.
