Digital Yen
Proof of conceptJapan
Central Bank(s)
Bank of Japan
Announcement Year
2021
Status
Proof of concept
Retail/Wholesale
Retail
The upcoming program is an end-stage trial with an eye towards implementation. 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 emergency scenarios.
Japan has become the latest major economy to begin exploring the feasibility of a central bank digital currency (CBDC). The Bank of Japan (BoJ) is reportedly conducting research on a digital yen as it aims to keep up pace with neighboring China. A local digital currency forum is also working on "some form of digital currency" for Japan's private sector to complement the central bank's efforts.
Link to announcement
Link to whitepaper
Last update: March 2026
March 2026
Link to announcement: www.boj.or.jp
June 2025
Link to announcement: www.boj.or.jp
November 2024
Link to announcement: www.boj.or.jp
October 2024
Link to announcement: medium.com
April 2024
Link to announcement: www.boj.or.jp
January 2024
Link to announcement: www.ledgerinsights.com
December 2023
Link to announcement: www.mof.go.jp
May 2023
Link to whitepaper: www.boj.or.jp
April 2023
Link to announcement: medium.com
February 2023
Link to announcement: www.boj.or.jp
December 2022
Main motivation/goals of the CBDC: While the Bank of Japan currently has no plan to issue CBDC, from the viewpoint of ensuring the stability and efficiency of the overall payment and settlement systems, the Bank considers it important to prepare thoroughly to respond to changes in circumstances in an appropriate manner. With this in mind, the Bank decided that it would publish its approach to "general purpose" CBDC and conduct a Proof-of-concept in 2021. → The upcoming program is an end-stage trial with an eye towards implementation. 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 emergency scenarios.
Link to announcement: www.reuters.comasia.nikkei.com
March 2022
Link to announcement: www.ledgerinsights.com
March 2021
None → Proof of concept
Announcement Year: 2021
Retail/Wholesale: Retail
Description: Japan has become the latest major economy to begin exploring the feasibility of a central bank digital currency (CBDC). The Bank of Japan (BoJ) is reportedly conducting research on a digital yen as it aims to keep up pace with neighboring China. A local digital currency forum is also working on "some form of digital currency" for Japan's private sector to complement the central bank's efforts.
Main motivation/goals of the CBDC: While the Bank of Japan currently has no plan to issue CBDC, from the viewpoint of ensuring the stability and efficiency of the overall payment and settlement systems, the Bank considers it important to prepare thoroughly to respond to changes in circumstances in an appropriate manner. With this in mind, the Bank decided that it would publish its approach to "general purpose" CBDC and conduct a Proof-of-concept in 2021.
Link to announcement: www.boj.or.jp
Country / Region: Japan
Central Bank(s): Bank of Japan
No recent news found for this currency.