Bank of Japan Releases Report on Central Bank Digital Currencies as Global CBDC Pilot Programs Gain Momentum

The Bank of Japan has recently published a report detailing its findings and outcomes regarding central bank digital currencies (CBDCs). According to the report released on Monday, Japan initiated a pilot program in April 2023.

The bank stated, “We have launched the pilot program in April 2023 and are currently progressing with it. The pilot program aims to test the end-to-end process flow, explore measures and potential challenges related to connecting with external systems, and examine necessary considerations and solutions as indicated in the proof of concepts (PoCs).”

The bank had previously commenced its initial phase for the proof of concept in April 2021, followed by the second phase a year later, which focused on evaluating new technologies and accounts provided by multiple intermediaries.

The Atlantic Council, an organization that monitors CBDC developments in 120 countries, reports that an increasing number of nations are exploring the feasibility of implementing CBDCs. Currently, eleven countries, including the Bahamas and Nigeria, have already launched CBDCs. Additionally, eighteen countries, including Japan, India, and China, are in the pilot stages of developing their own CBDCs.

The Atlantic Council further stated, “In 2023, more than 20 countries will take significant steps towards piloting a CBDC. Australia, Thailand, Brazil, India, South Korea, and Russia have plans to continue or initiate pilot testing in 2023. Moreover, the European Central Bank (ECB) is also expected to commence a pilot program next year.

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