Market Analysis Report (24 Nov 2022) PlatoAiStream PlatoAiStream. Data Intelligence. Vertical Search. Ai.

Market Analysis Report (24 Nov 2022)

The Bank of Japan (BoJ) is set to test its central bank digital currency (CBDC) in a collaboration with three megabanks and regional banks. The pilot will start in the spring of 2023, and will see the Bank of Japan work with private banks to identify any problems with deposits and withdrawals.

The pilot’s goal will also be to check whether the CBDC can operate during natural disasters and in areas without internet access. While the Bank of Japan did not name the three megabanks involved, it’s likely it was referring to Mitsubishi UFJ Financial Group Inc., Sumitomo Mitsui Financial Group Inc. and Mizuho Financial Group Inc.

The BoJ joined a growing list of central banks exploring CBDCs last year by developing a test environment for the digital yen while exploring basic functions like its issuance, distribution, and redemption.

Last year, a BoJ official said the central bank’s priority is to ensure a CBDC enables competition between private payment providers and is universally accessible to the public.

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