Japan To Start Testing Digital Currency by April 2021

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Following other nations’ plans for a national digital currency, this week the Bank of Japan released an official draft of a plan the next central bank digital currency (CBDC). According to that document, Japan will begin testing for this currency in April 2021, which is the beginning of the next fiscal year.

The document is named t The Bank of Japan’s Approach to Central Bank Digital Currency. For now the company will not be releasing the CBDC, they just plan to test it and see the results.

The idea is to make the CBDC  as easily accessible and general-purpose for both ordinary people and companies as possible. Its purpose is to enhance the current monetary economy in Japan and not to replace the existing paper money.

Source

This was inevitable and will likely become a reality within the next few years.