Bank of Japan will conduct the tests of digital currency

News

Bank of Japan will conduct the tests of digital currency

12.10.2020 News

The Bank of Japan has announced plans to begin experimenting with the digital currency early next fiscal year.

At the first stage, it is planned to test the main functions of the digital currency, including the methods of its issuance and circulation.

The second stage involves additional technical experiments. The Bank of Japan may then consider the pilot program involving payment service providers and users.

The decision came after how on Friday the seven major central banks agreed that the introduction of digital currencies should not undermine price or monetary stability.

It is noted that the European Central Bank and the US Federal Reserve have joined the agreement with the Bank of Japan.

At the same time, the agency notes, The Bank of Japan states that “at the moment it has no plans to issue such a currency, but it needs to explore the possibility more specifically and practically.”

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