The Bank of Japan intends to conduct pilot projects to issue digital yen next year in order to decide whether or not to issue the CBDC by 2026.
According to the most recent information on CBDC's worldwide development, four nations, including Japan, have either discontinued or paused their CBDC.
CBDCs can increase access to the financial system by allowing users to transmit money online without a bank account.
Positively, CZ's remarks on CBDCs seem to have softened from his former position
Nine locally active financial institutions, including the largest Indian bank, the State Bank of India, and others, will participate in the initiative.
BoT is working on pilot testing the retail CBDC but the deployment may take an additional five years
The government of the newly elected Prime Minister, Rishi Saunak, voted to legalize cryptocurrencies as money.
The BIS is on a roll; in the past few days, it has released three publications outlining how commercial banks in four jurisdictions channeled funds using CBDCs.
The Nigerian central bank is having difficulty promoting its eNaira CBDC to its citizens with less than 0.5% adoption.
The BIS Innovation Hub and the Hong Kong Monetary Authority worked together to create a distinctive CBDC design that captures the practicalities of issuing currency in the special administrative area