Japan Starts Working on Launching a National Crypto Currency
According to a source, the Bank of Japan (BoJ) has formally started the first stage of a one-year feasibility study for the Central Bank Digital Currency (CBDC).
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The BoJ will develop a prototype of the full-fledged cryptocurrency through the first phase, which Japan refers to as a “Proof of Concept (PoC)” research, which will aid in the “issuance, distribution, and redemption” of the cryptocurrency.
China will soon introduce the digital Yuan, also known as “Digital Currency, Electronic Payment (DCEP),” on a par with Japan. Six government-owned banks in China have reportedly begun collecting applications from residents of Shanghai and Beijing for the creation of digital wallet accounts.
Together with China and Japan, the European Central Bank and the Bank of England in the UK are also considering rudimentary ideas for creating central bank digital currencies.
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The Bank of Japan intends to run the initial phase for the majority of 2021, “then follow it up with subsequent phases until the bank establishes a CBDC,” according to a source.
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