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.