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Japan Moves to the Second Phase of CBDC (Digital Yen) Development

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Digital Yen

Japan moves to the second phase of CBDC (Digital Yen) development

Central Bank of Japan “The Bank of Japan” is preparing to move to the second phase of its digital yen project, which includes three large blocks.

Digital Yen

According to the official position of the Bank of Japan, a CBDC issue is required. Now the regulator is closely monitoring events in the EU, China, and the United States in order to develop the most verified strategy.

It is currently unknown how long it will take for the second phase, which will be launched this spring. This will be followed by a third phase – a pilot project involving private businesses and consumers who will actively participate in testing the practical benefits.

Japan has shown a particular interest in exploring the launch of the CBDC mainly as China has pulled ahead with its own digital yuan project.

Gradually, Beijing is getting closer to issuing its token and preparing its distribution throughout the country in anticipation of the Winter Olympics, which will take place in February 2022.

Read more about the testing of digital yuan here

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