BOJ begins 1st phase of experiment on central bank digital currency

The Bank of Japan on Monday began a year-long experiment to check the basic functions of a central bank digital currency as its Chinese, European and U.S. peers are ramping up their own efforts toward introducing the new payment form.The BOJ is experimenting with the issuance, distribution and redemption of a digital currency, among other functions, in the first phase through March 2022 of its three-stage experiment. The Japanese central bank, however, takes the position that it currently has no plans to issue one.BOJ Governor Haruhiko Kuroda has said it is important to "prepare thoroughly …READ FULL ARTICLE