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

[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.

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[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.