Bank of Japan to launch digital yen pilot program


The Bank of Japan (BOJ) will start a pilot program to test the use of a digital yen with commercial financial institutions in April, the central bank said Friday.

Under the program, the BOJ will conduct simulated transactions with private entities in a test environment, which will help the central bank get ready in case the government decides to issue a digital yen.

Dozens of financial institutions including the nation’s top banks, regional lenders and digital payment service companies are expected to take part in the trials, the bank said, adding that it does not yet expect actual stores or consumers to participate.— Xinhua