### Bank of Japan begins a new phase of experimentation to help decide if a digital yen will be issued by 2026.

The Bank of Japan (BOJ) will begin a pilot experiment in partnership with private financial institutions geared towards issuing a digital yen by the spring of next year. 



According to Nikkei, part of the testing phase of the central bank digital currency (CBDC) project will be to check for issues with deposits and withdrawals from using the digital yen. The experiment also seeks to confirm if digital yen will work during natural disasters and if it can still be used in places that do not have an internet connection. 



This experiment is part of BOJ’s ongoing efforts to see how the CBDC can work within Japan’s financial ecosystem. Last year, BOJ already tested out the issuance, redemption, and distribution of the CBDC.



In a speech from October last year, BOJ’s Executive Director Shinichi Uchida said that the BOJ would try to develop a CBDC that can work with private payment methods. 



Media reports state that following this phase of the project, the BOJ will decide if a digital yen will be issued by 2026.

Bank of Japan begins a new phase of experimentation to help decide if a digital yen will be issued by 2026.

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