Asia’s largest economies are pushing forward with their respective CBDC trials, with six Chinese banks offering digital wallets and Japan establishing a new committee.
China and Japan are pushing forward with their respective pilots for central bank-issued digital currencies, or CBDCs.
On March 26, Bank of Japan announced it had established the Liaison and Coordination Committee on Central Bank Digital Currency to convene with both the private sector on the banks upcoming CBDC proof-of-concept, or PoC, stating:
“The Bank, through this committee, will share details of, and provide updates on the PoC with the private sector and the government and will seek consultation on future steps to facilitate smooth implementation of the PoC.”
The announcement also noted the bank has been preparing to conduct a pilot CBDC since October 2020, and will formally commence Phase 1 of its CBDC pilot next month.
On March 23, Chinese state media outlet Sina reported that six major government-owned banks have begun testing wallet services for the digital renminbi.