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Bank of Japan Plans to Rope-In Other Major Lenders in Digital Yen CBDC Trials: Report

Japan could see a wider roll out of its digital yen by 2026. Before that, the BoJ aims to check if the CBDC works efficiently under disaster-like situations or no net connectivity.

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Japan is accelerating its efforts to explore the potential of the overall blockchain sector.

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Moving forward on its CBDC plans, the Bank of Japan (BoJ) is looking to rope-in a bunch of other mega banks to test the digital yen.

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The three Japanese megabanks, while unnamed officially, are reportedly supposed to be Mitsubishi UFJ Financial Group Inc., Sumitomo Mitsui Financial Group Inc., and Mizuho Financial Group Inc.

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Starting next year, these banks will help the BoJ verify if there are any issues with the deposits and withdrawals of the CBDC.

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Japan could see a wider roll out of its digital yen by 2026. Prior to that, the BoJ aims to check if the CBDC works efficiently under disaster-lie situation or no Internet connectivity, said a Nikkei report.

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This trial with the Japanese mega banks could go on for as long as two years. A CBDC or a central bank digital currency is built on blockchain, works like cryptocurrencies, but are issued and regulated by the central bank.