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Bank of Japan trials 'digital yen': Here's what you need to know

Pilot starts April, but could be years before cash is out of circulation

The Bank of Japan plans to introduce a series of new banknotes in the first half of fiscal 2024

TOKYO -- The Bank of Japan, together with the country's three megabanks and regional financial institutions, will run a "digital yen" pilot experiment from April. Although the BOJ has not made clear the timeline for an introduction of the digital currency to wider society, many experts believe that the pilot scheme foreshadows a dramatic shift to a cashless economy in Japan. Here is what you need to know about digital yen.

What is "digital yen"?

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