Bank of Japan to Work on CBDC in 2023

As reported by Nikkei, the Bank of Japan (BoJ) will begin to work with three major banks of Japan alongside other regional banks in the spring of 2023 in order to issue the digital yen.

In the news piece, it is stated that BoJ may decide to issue a digital currency in 2026, after checking for problems in bank accounts such as issues regarding money deposits and withdrawals for two years. 

In May, Haruhiko Kuroda, the Governor of the Bank of Japan, stated that providing a retail CBDC may be an option to secure a seamless infrastructure in Japan.