Japan plans to form expert panel to explore digital yen Japan | DeCenter – Blockchain and Bitcoin

Japan plans to form expert panel to explore digital yen

Japan's Finance Ministry is planning to establish an expert panel in April to explore the feasibility of introducing a digital yen, Japanese news outlet NHK reported.

According to the report, the ministry’s panel will focus on the creation of a framework for a central bank digital currency (CBDC) and will refer to a technical study conducted by the Bank of Japan (BOJ) over the past two years. The ministry intends to use the findings from the expert panel to prepare for the possible issuance of a digital yen.

CBDCs are digital versions of traditional currencies, such as the U.S. dollar, yen and euro, issued and backed by central banks. Unlike cryptocurrencies, which purport to be decentralized and not backed by any government or central authority, CBDCs are issued by a central bank and operate within a centralized system.

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