Japan refuses to drop cash, ignores NWO digital currency - for now
Central bank digital currency cast aside in Japan
The Bank of Japan needs to keep studying digital but, in an unusually cash-based economy, needn’t set it up yet
Bank of Japan. Photo: Wikimedia Commons
Cash remains king in Japan.
Like many other central banks, the Bank of Japan has conducted central bank digital currency experiments since 2021 to test the technical feasibility of the core functions and features of a retail CBDC ecosystem. The second phase of testing began in April 2022. But the central bank is not considering its implementation in the near future.
The purpose of the ongoing experiments is to catch up with new technical features involving blockchain technology, in case the need for a central bank digital currency arises. There are major factors that hamper the BOJ from actively considering implementation.
For the rest of this article please go to source link below.