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BoJ publishes report on feasibility of digital yen

So far, the story of blockchain has been one of new financial services built on decentralised technology. As the continuing prominence of Bitcoin demonstrates, these decentralised finance, or DeF

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After temporarily shelving the idea to create a digital yen in the central bank digital currency (CBDC) race just as the competition between the world’s leading countries was heating up, the Bank of Japan (BOJ) is finally moving forward with a digital yen again with the release of a report studying the effects a digital yen and what advantages or disadvantages it can possibly bring to Japan.

The Bank of Japan announced on Thursday that it would experiment with a CBDC to check its feasibility from a technical perspective.

The Bank of Japan (BoJ) has just announced that it will begin experimenting with a Digital Yen, its own Central Bank Digital Currency (CBDC) to test its technical application and feasibility.

The moniker central bank digital currency (CBDC) was coined to introduce the concept of a digitized version of physical fiat currency as we know it and as the name implies, this digital currency is intended to be rolled out by a country’s central bank. In the US, the American Bankers Association (ABA) has voiced its concerns over not only the existence of a digital dollar, but also the US Federal Reserve’s monopoly over the creation and distribution of the CBDC.

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Kazakhstan says it will double its digital currency mining investment at the end of this year, and is eyeing a CBDC.

Cambodia’s central bank says its quasi-CBDC network can promote use of local currency

Bank of Canada researchers do not feel that the current state of zero-knowledge-proofs is mature enough to be integrated into their development plans for a Central Bank Digital Currency (CBDC).

The Digital Dollar Project (DDP) is the focus of the Digital Dollar Foundation and advocates the need for a CBDC. In their recently released whitepaper, the DDP stipulates that it aims for the US d