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Digital yen pilot program to start in April, Bank of Japan says

Banks and payment service companies expected to take part in project

The Bank of Japan has been working since 2021 on a proof of concept to see if the introduction of a digital yen is technologically possible. (Photo by Kento Awashima)

TOKYO -- The Bank of Japan will begin a pilot program for a digital yen with commercial financial institutions in April, the central bank said Friday, in trials expected to last several years.

Under the program, the BOJ will connect to participants' systems to examine how transactions like deposits and transfers would work in practice using the digital currency.

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