Japan's Ministry of Finance plans to form an expert group that focuses on a potential central bank digital currency (CBDC) in April, according to a recent report from NHK.
The expert group will examine the viability of a CBDC, also known as the digital yen.
The expert panel's discussions will include the development of a foundation for the CBDC based on the two-year test findings of the Bank of Japan, the country's central bank.
- The ministry will prepare for the launch of a potential CBDC by considering the expert group's opinions.
- Japan will also start a CBDC pilot in April to explore the possible use cases of the digital yen.
- The Bank of Japan will be among the pilot program's participants, along with several other financial stakeholders.
- The initial testing phase is not expected to include real transactions between retailers and customers.
