Japan Discusses CBDC With Government
The Japan Central Bank has held its first official meeting with the government to discuss digital currency (CBDC) matters.
The government and the Bank of Japan agreed to address legal issues regarding the launch of the digital yen in Q2 2024.
However, neither the bank nor the government has officially confirmed the release, and any decision will be made following a national debate.
In December 2023, an expert panel recommended the issuance of a digital yen, stating it should coexist with cash and minimize personal data storage.
The bank completed the second phase of a year-long CBDC test in May 2023, which was successful. The central bank is now moving on to the planned CBDC pilot project.
(With inputs from Shikha Singh)
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