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Japan to launch a CBDC feasibility study in 2021: report Business
Japan has become the latest major economy to begin exploring the feasibility of a central bank digital currency (CBDC). The Bank of Japan (BoJ) is reportedly conducting research on a digital yen as it aims to keep up pace with neighboring China. A local digital currency forum is also working on “some form of digital currency” for Japan’s private sector to complement the central bank’s efforts.
Japan has been closely monitoring China’s rapid progress in the CBDC efforts, according to the Japan Times. As CoinGeek reported, the People’s Bank of China has accelerated its efforts in recent months, with its latest pilot seeing 150,000 Suzhou residents participate.