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Currencies

Top Japan banks and BOJ to begin trials of digital yen next year

Central bank to launch two-year pilot program to test transactions

The BOJ is ramping up efforts toward introducing a digital currency, putting together a trial run with Japan's biggest commercial banks.

TOKYO -- The Bank of Japan is working with the country's top three banks and regional financial institutions to launch trial transactions of a digital yen this spring, Nikkei has learned.

During the two-year central bank digital currency (CBDC) pilot program, the BOJ will work with private-sector banks to test deposits and withdrawals from accounts, and check whether the currency can work without internet access in an emergency. Depending on the results of the trial, it will decide whether to go ahead with a digital currency as early as 2026.

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