Summary: The Bank of Japan (BoJ) is planning tests on a digital yen with three megabanks in the country, according to reports by Nikkei. The tests, which will begin in 2023, will ensure that there are no problems with deposits and withdrawals, and that a central bank digital currency (CBDC) can function at times of disaster ...

The Bank of Japan (BoJ) is planning tests on a digital yen with three megabanks in the country, according to reports by Nikkei.

The tests, which will begin in 2023, will ensure that there are no problems with deposits and withdrawals, and that a central bank digital currency (CBDC) can function at times of disaster and in places with no internet access, according to the report.

The tests will run for two years, after which the central bank will in 2026 decide on whether to implement the CBDC.

Author: Katie Lin