Part 2/9:
Japan is making significant strides in its CBDC endeavors. The Bank of Japan is preparing to pilot the digital Yen in April, following successful preliminary tests conducted in 2021. These initial experiments focused on essential operations such as issuance, payouts, and transfers, laying the groundwork for broader implementation.
The pilot aims to create an interconnected system involving a central authority, network systems, and endpoint devices. Japan's approach reflects the country's strategic efforts to develop a robust and secure digital currency infrastructure. Notably, Japan's progress is not isolated; it forms part of a larger Asian regional effort involving key central banks and institutions.