Bank of Japan to work on the digital yen in 2021

This institution, along with others such as the Bank for International Settlements (BIS), announced that as of next year they will develop their own digital currency

The Bank of Japan, together with other entities such as the Bank for International Settlements (BIS), published a document in which they discussed the development of their own digital currency.

As specified in the text, it is planned to begin the development of this digital asset “sometime in 2021″ where a test environment for this coin will also be included.

The Bank of Japan intends to carry out a three-part process. Two consensus tests and a pilot program. In the first two consensus tests, the bank will develop these test environments and add additional functions to them to test their feasibility. However, the pilot program would arrive only if the bank deems it necessary to collect more data.

On the other hand, it is emphasized that one of the fundamental characteristics of this asset will be its ability to recover from an “infrastructure disturbed by greater forces.”

“Off-line use in times of system and network failures, as well as power outages, is also important for Japan, given the frequent occurrence of natural disasters,” highlights the text.

Due to the nature of its geography, Japan is prone to a wide range of natural disasters, including earthquakes, tsunamis, floods, typhoons, cyclones, and volcanic eruptions.

K. Tovar

Source: Diario Bitcoin

You might also like