Bank of Japan to begin digital currency proof-of-concept in 2021

[alicea]

Just found this article on cointelegraph it says according to BoJ's report they will begin the first of several testing phases for its own CBDC sometime in 2021. This will include the development of a test environment for the currency and experiments on its basement functions as a payment instrument.

https://cointelegraph.com/news/bank-of-japan-to-begin-digital-currency-pilots-in-2021

[jossiel]

It has been known that Japan is one of the countries that are very much open and supportive of cryptocurrencies. With that being said, they are also joining the CBDC which means that they're also doing what other countries reported doing.

China, Europe, and Japan.

The US has theirs but it's known to be the Libra.

[coin-investor]

Just found this article on cointelegraph it says according to BoJ's report they will begin the first of several testing phases for its own CBDC sometime in 2021. This will include the development of a test environment for the currency and experiments on its basement functions as a payment instrument.

https://cointelegraph.com/news/bank-of-japan-to-begin-digital-currency-pilots-in-2021

Japan is a role model when it comes to Cryptocurrency adoption, they have fully integrated Cryptocurrency into their system and the lives of their citizens we can take their lead after this experiment, this is going to be huge not only for the people in Japan but the entire Cryptocurrency community as well. 

[chikator]

Well this sounds great. I expect no less from japan, they are one of the countries that are open armed in adopting and accepting new innovations. Cant wait to hear more of this from japan.

[chip1994]

Not only Japan, we also have Canada, the United Kingdom, Sweden, Switzerland and the European Central Bank. The United Stated Federal Reserve has also since joined the group.
I hope that the testing will go well and give governments in many major countries a more positive outlook on cryptocurrencies. From there, they will be legalized and our market will have many more new investors. Another good news for 2021, I think the price of BTC and altcoins will explode soon next year.

[fammy]

This is a very good news to all especially it will boost the crypto-industry and many people in japan will start to patronize cryptocurrencies. Hope that this news will be available also to all the countries in the world to open a very huge opportunity for our cryptos.

[tvplus006]

It has been known that Japan is one of the countries that are very much open and supportive of cryptocurrencies. With that being said, they are also joining the CBDC which means that they're also doing what other countries reported doing.

China, Europe, and Japan.

The US has theirs but it's known to be the Libra.

If we are talking about a national digital currency, it would be inappropriate to mention Libra here. Each government will create a fully centralized digital currency for its needs. As far as I understand, the only thing that CBDC and traditional cryptocurrencies have in common is the blockchain.

[Lordhermes]

Japan the motherland for cryptocurrency adoption, its going to be a massive explore for proper progress of cryptocurrency and would definitely increase its popularity all over the world, this is really a nice idea.

Another good news for 2021, I think the price of BTC and altcoins will explode soon next year.

This is another ground breaking development that would spike up the price of bitcoin in the future, in as much as bitcoin is here to stay, many progress and development will surely come, and that will certainly bring more stability on bitcoin and other promising altcoin too.

[cryptomaniac_xxx]

It's been reported already, but I wonder why will it take too long for them to have POC in 2021? I thought that it have been in development since 2019. Anyway, this is most likely the trend, others nations are also have plans for their CBDC. The question is how it is going to fare with crypto and how it's going to affect us, will it be successful or not?

[VolkoB]

Japan is ahead of the entire planet. They put innovation and modernization first. Every day more and more people get to know and begin to take their first steps in the crypto world. And every year (month) the threshold for entering to this world becomes lower and lower. Although the Japanese are strange and difficult to understand their thinking for the average European, but they are dammit the best everywhere.

[Coyster]

The US has theirs but it's known to be the Libra.

This is not true, the U.S. are working on launching it's own CBDC called the "digital dollar" and not libra. Libra is a coin owned by Facebook.

The question is how it is going to fare with crypto and how it's going to affect us, will it be successful or not?

It's not going to affect us (decentralized crypto users) in anyway. CBDC's are centralized currencies, that will be more or less the same with the countries fiat currency, only that it's going to be digital. Most of the advocacy to launch digital currencies by some countries is only for political reasons, we've seen how the U.S responded to the digital Yuan, with their own digital dollar, it's more of politics/economics for most of this countries and it's not affecting Bitcoin or any other decentralized cryptocurrencies.

[plr]

I hope it turn out great so other countries will have a model  on how they implement similar concept or model, Japan is doing well and great on how they are adopting this technology, if we can have at least 10 powerful and highly industrial countries to embrace Cryptocurrency then everything will turn out great.

[crzy]

They will never be faster than China in digital fiat adoption, sad to know

China is already a cashless society, but in terms of the support to cryptocurrency Japan is ahead to them and since China is making their Yuan digital, I don’t think they will fully support cryptocurrency. I still choose Japan in terms of the advance technology, and they are pro people that’s why they are respectable country nowadays.

[Akiko]

They will never be faster than China in digital fiat adoption, sad to know

China is already a cashless society, but in terms of the support to cryptocurrency Japan is ahead to them and since China is making their Yuan digital, I don’t think they will fully support cryptocurrency. I still choose Japan in terms of the advance technology, and they are pro people that’s why they are respectable country nowadays.

Japan is also one of the countries that has advance technology having thier own cryptocurrency as experiment and make as main currency if they success is good steps for crypto currency. Once Japan successfully launch thier own see it by other countries and they see the advantage having it, there is possibility that other country will also copying that idea and soon we will became cashless society .

[20kevin20]

CBDCs are both happy and sad news for me - the only positive thing I can think about these currencies is the convenience it provides.. but all the negative sides exceed the positive ones by far. But on the other hand, once they are out in the wild people may realize that digital is worse than cash from many angles. If that happens, then Bitcoin, Monero and other cryptocurrencies will receive more attention than ever before.

[Ayiranorea]

Japan is the country that gave legal support for the usage of cryptocurrencies. Also it is the country that encouraged the usage of cryptocurrencies on small scale business. Now Japan's Bank creating its own cryptocurrency will make people make use of it for all the transaction within the country. Also, at any point it hasn't mentioned about the restriction of bitcoin for the introduction of their own cryptocurrency. So there'll be mutual growth and Japan always look to be advanced in technology.

[MCDev]

The US has theirs but it's known to be the Libra.

Libra is a coin issued by a subsidiary of facebook, but libra has not been born yet due to many legal rules. Many people believe that Libra will most likely never be released, currently the company of the Libra project is planning to issue a stablecoin, if the stablecoin comes out I think Libra will disappear.

[goaldigger]

They will never be faster than China in digital fiat adoption, sad to know

China is already a cashless society, but in terms of the support to cryptocurrency Japan is ahead to them and since China is making their Yuan digital, I don’t think they will fully support cryptocurrency. I still choose Japan in terms of the advance technology, and they are pro people that’s why they are respectable country nowadays.

This is not a good comparison, they both have the advantages and disadvantages but I support the country who always show their support to cryptocurrency. If Japan successfully created their own digital currency then so be it, I’m sure they can influence more countries especially those developing countries. Japan is a land of technology, they advanced on many things same as China, let’s all hope for more countries to support digital and cryptpcurrency.

[jossiel]

It has been known that Japan is one of the countries that are very much open and supportive of cryptocurrencies. With that being said, they are also joining the CBDC which means that they're also doing what other countries reported doing.

China, Europe, and Japan.

The US has theirs but it's known to be the Libra.

If we are talking about a national digital currency, it would be inappropriate to mention Libra here. Each government will create a fully centralized digital currency for its needs. As far as I understand, the only thing that CBDC and traditional cryptocurrencies have in common is the blockchain.

I thought that it's the one where US will be leaning towards to CBDC adoption. 

The US has theirs but it's known to be the Libra.

This is not true, the U.S. are working on launching it's own CBDC called the "digital dollar" and not libra. Libra is a coin owned by Facebook.

I just thought that it will be the project that the US government would be depending too. But if there's going to be a digital dollar as their CBDC counterpart, thank you for the correction as I've not heard of it or probably missed it or forgot it but have read it.

[Johnyz]

Japan always adopt new technology and most of the time, they started that technology so this is not new to me, and I’m glad that Japan also support cryptocurrency which can attract many investors. Western countries should also do the same thing, and of course the developing countries. There’s no bad on adopting new technologies, you just have to done it properly, hopefully Japan continues to support Bitcoin.

[Febo]

Bank of Japan to begin digital currency proof-of-concept in 2021

All central banks will or collaborate with other central banks or on their own issued a stable-coin. They will not let the central power they have right now, to slip from their hands. So their citizens dont use stable coins controlled by someone else.

[death69]

Cointelegraph is one of the best sources of news for many years. It has earned a fair reputation in the crytptocurrency world. There have been many news claiming that digital currencies are going to be utilized by the banking system. However, in realistically, Im not sure whether there are more than 5 countries using blockchain at the moment. We have to agree that the blockchain and cryptocurrency are making our world better and better. But such kind of technology is being ignored by the government

Japan is a pioneer in technology. I just hope that they will soon make this modification to their monetary system

[makishart]

They will never be faster than China in digital fiat adoption, sad to know

Oh, why? Remember about the legality of crypto business in japan is very clear compared with china. It's not actually true at all if we are seeing from the fact.
Just because the china has become the first country that issued its digital currency and it doesn't mean china will be the number 1.

AFAIK so many institutions in japan have used the ripple payment channel too.

[el kaka22]

They were also one of the few places that accepted a gift card company to accept bitcoin as payment, so you get the card, put bitcoin in it, they would give you whatever rate was in fiat and you could spend that gift card, all anon and all you can spend in over hundreds of thousands of places never needing fiat ever again. They were the place mt.gox started and they were the place that made it legal as early as possible.

So, Japan is in a whole another level when it comes to crypto, they have never been against it and they have been progressive about it since the beginning and never let it go. I really think that people would be a lot more interested in crypto if all nations in the world looked at crypto they way Japan looks at crypto and made it all legal and support it this way.

[barbara44]

Just found this article on cointelegraph it says according to BoJ's report they will begin the first of several testing phases for its own CBDC sometime in 2021. This will include the development of a test environment for the currency and experiments on its basement functions as a payment instrument.

It’s not a surprise for me, I was already expecting more countries to make this kind f report since China created their own CBDC. Maybe as time goes on we will be hearing from more countries on this same topic. But to be sincere I keep wondering why we need CBDC, are they going to allow international transactions like Bitcoin does,or they are going to be something that will only function within the country? Would like to know more on this thing, my country is not talking about it, but Bitcoin is legal here, so that’s what everyone is talking about.

The US has theirs but it's known to be the Libra.

That’s not that way in my understanding, Libra is a cryptocurrency that was being created by Facebook, but the government of the US didn’t allow them to continue with the work. But they have changed their plan, and Libra is going to be something different, and will now be like a wallet that will have different cryptocurrencies on it, including their own Libra. US have not said anything about creating CBDC.

[pragna]

Just found this article on cointelegraph it says according to BoJ's report they will begin the first of several testing phases for its own CBDC sometime in 2021. This will include the development of a test environment for the currency and experiments on its basement functions as a payment instrument.

https://cointelegraph.com/news/bank-of-japan-to-begin-digital-currency-pilots-in-2021

Looking very smart moment coming for people of Japan. Japanese technology and thoughts are always ahead from all so that in cryptocurrncy also they are thinking more. I think in pandemic situation japan government understood about their peoples need and maybe for future plan of war like nCOVID japan govt accepting cryptocurrency.

thanks.

[jdnthny]

Its a very good news for all the crypto enthusiasts and for the cryptoworld it will definitely open several opportunities especially with all the crypto if this will surely happen knowing many japanese will most likely to patronized it.

[sana54210]

During pandemic is also another great timing as well. People are not really comfortable with fiat right now because there is a ton of trouble that could happen with fiat during pandemic, the economy in the whole world looks to be going down or stagnating, so having some sort of crypto currency would allow you to be a lot better.

Today we need a stable currency backed by a government that could help people to keep their money safe, that way if another crisis hits you would at least be able to move your money to crypto and back whenever you want to, even allow you to go to another nation without a worry, but if you keep it at fiat it would cause it to be devalued and would make you lose a lot more money that way. Japan has always been progressive when it comes to finance so it makes sense.

[Wenbing]

Just found this article on cointelegraph it says according to BoJ's report they will begin the first of several testing phases for its own CBDC sometime in 2021. This will include the development of a test environment for the currency and experiments on its basement functions as a payment instrument.

https://cointelegraph.com/news/bank-of-japan-to-begin-digital-currency-pilots-in-2021

Japan has seen the future of currency that its technology. The technology is blockchain which has huge value Proposition.

Well, this means other countries will follow suit. If you don't want to be considered obsolete or left behind, you have to join the bandwagon.

It's very important. It also means more opportunity for crypto experts, across all board.

[Ozero]

Japan is already lagging far behind other nations in issuing its national digitalized central bank currency. China has been working on the release of its digitized yuan for more than three years and intends to launch it into free circulation by the end of the year. Many states already have their own digitized currency. There is also my country Ukraine. Its digitized hryvnia is called UAX. True, it does not yet have a wide circulation. Of course, the digital yuan should appear by the end of the year, it will be a global event, since it will immediately affect the countries of the entire region.
Japan, like the US, has long needed to issue its national digitalized central bank currencies.

[deathcode]

In my opinion, this has its own impact, that means a lot of positive sentiments will be born with a viewpoint on cryptocurrency in the future.  This support from parties regarding the development pattern of digital currency transactions increases so that it can be used and adopted massively in the community.

Japan will be an example for every country that is still doubtful about crypto. I think crypto management in several economic fields can be used by other countries with constraints. When Japan is truly successful, I think there will be many countries reconsidering how crypto can actually be a solution.

[Kasabus]

Its a very good news for all the crypto enthusiasts and for the cryptoworld it will definitely open several opportunities especially with all the crypto if this will surely happen knowing many japanese will most likely to patronized it.

Japan has been a great example for a country who has a well developed government economy and it's not a surprise if they will start patronizing cryptocurrency since they have been eyeing on blockhain technology ever since. Well if this will be fully realized, this one might be a great stepping stone for other countries to follow the path of Japan as well.