The Japanese government is considering forming a panel next month that will examine the advantages of a digital yen or central Banks Digital Currency(CBDC). The panel is said to use the findings of over two years of proof-of-concept experiments conducted by the Bank of Japan (BOJ).
According to reports, the digital yen panel will focus on creating a framework for a digital currency and also a framework for issuing the anticipated digital currency.
furthermore, The executive director of the central bank, Shinichi Uchida, stated that:
“The aim of the pilot program is twofold: first, to test the technical feasibility not fully covered by the Pos and second, to utilize the skills and insights of private businesses in terms of technology and operation for designing a CBDC ecosystem in the possible event of social implementation.”
Conclusively, the Bank of Japan is also set to witness a change in leadership coming April 2023.
The current governor of the bank, Haruhiko Kurosawa is expected to leave office due to his second five-year completion while Kazuo Uesa will be occupying the position.