Today News Come From Source That Japan Testing National Cryptocurrency . Read Full News Below
The Bank of Japan will test its own digital currency to study the technical feasibility of the tool. The regulator announced for the first time evidence of interest in establishing a digital yen concept. The start-up date of the project is not known.
It is not clear how far the Bank of Japan will go in search of the people’s Bank of China, He has completed the technical training of digital RMB and is currently studying legal issues. In a report entitled “technical issues of the central bank’s digital currency”, the Japanese regulator announced that it was ready to “technically assess the feasibility of CBDC” “In this regard, we welcome the initiatives of the United Nations Development Programme (UNDP) and the United Nations Children’s Fund (UNICEF).
The first phase of the test will specifically evaluate the technical capability of the coin. The Committee reviewed the reliability and public availability of the tool. In addition, according to the report provided by the bank, the Nikkei research data in 2018 showed that only 65% of residents owned smartphones.
In addition to protecting digital currencies, the agency plans to study the availability of digital currencies in emergency situations. Tools must work even if there is no electricity. In testing digital currencies, BoJ plans to work with central banks in other countries.
The authorities have not made a clear decision on the use of blockchain, because it is a lack of the ability to decentralize the network. “Both centralized and decentralized systems have shortcomings. When we talk about a lot of deals in retail business in developed countries, it’s best to choose centralized technology. When the transaction volume is limited and reliability is the first priority, the decentralized type should be considered.
” In retrospect, China has accelerated the development of its own digital currency due to the epidemic after the implementation of sanctions in the United States.
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