On the 5th, the Bank of Japan announced that it has begun a demonstration experiment to confirm the basic functions of a "digital currency" that can be used in the same way as banknotes and coins.
"Digital currency" is electronic money that can be used in the same way as banknotes and coins in circulation.
The Bank of Japan has stated that it has no plans to issue it at this time, but announced that it has started a demonstration experiment to confirm the basic functions of digital currencies such as distribution and issuance from the 5th while the central banks of each country are conducting research. Did.
The experiment is conducted on the system, and the period is assumed to be one year until March next year.
After that, if it is deemed necessary, it will consider experiments with the participation of private businesses and consumers.
Regarding digital currencies, it is said that China is leading the way in this field, such as conducting citizen-participation-type experiments toward the issuance of the "digital yuan."
The Bank of Japan intends to continue to ensure the stability and efficiency of its payment system by preparing to respond to future changes in the environment.