Japan digital yen pilot is a go after successful second proof-of-concept

The Bank of Japan (BoJ) has announced the completion of its proof-of-concept (PoC) for its central bank digital currency (CBDC) after nearly a year of research. The central bank confirmed the development via an official report, noting that a pilot program is the next phase in the plan to launch a digital yen. The central bank focused on improving the convenience of payments using the CBDC, coordination among intermediaries, and economic design. Kuroda cited their capabilities for cross-border payment and promoting financial inclusivity to justify their development by the central bank. The central bank launched its CBDC pilot in April, pledging to collaborate with commercial banks and other technology firms to develop a digital yen blueprint.