The Bank of Japan released the results and conclusions of a reports Central banks on digital currencies
Japan launched a pilot program in April, the bank said in its report on Monday.
“We have launched in April 2023 and are going ahead with the pilot programme. In the pilot program, the end-to-end process flow will be tested, measures for connection with external systems and potential challenges will be explored, and the necessary considerations and solutions are outlined in the PoC. [proof of concept] will also be ascertained,” the bank said.
The bank launched its first phase for a “proof of concept” in April 2021, and a second phase a year later to evaluate new technologies and accounts provided by multiple intermediaries.
According to the Atlantic Council, more and more countries are exploring the possibility of CBDCs the tracks CBDCs in 120 countries.
Eleven countries have launched a CBDC including the Bahamas and Nigeria.
Meanwhile, 18 countries, including Japan, India and China, are in pilot stages, according to the Atlantic Council.
“In 2023, more than 20 countries will take significant steps towards piloting CBDCs. Australia, Thailand, Brazil, India, South Korea and Russia intend to continue or start pilot tests in 2023. ECB [European Central Bank] There is also the possibility of launching a pilot next year,” said the Atlantic Council.
in america
Lawmakers have mixed reactions on the future of CBDCs.
Introduced by Republican Representative French Hill of Arkansas and Democratic Representative Jake Auchincloss of Massachusetts Bill This month, it invoked the Mint Act’s power to prevent the Federal Reserve from issuing CBDCs.
Advocates say that CBDCs can provide better financial services to their citizens, while critics say that CBDCs are a violation of privacy.
Republican Sen. Ted Cruz and Rep. Tom Emmer have also City: Bill to prevent the Federal Reserve from issuing CBDCs directly to individuals.
The Federal Reserve Says They Haven’t Decided On Issuing A CBDC And Fed Chair Jerome Powell Said The bank would need the approval of Congress.