Japan and Russia will test their CBDC coins in April
In April, the central banks of Japan and Russia conducted pilot tests of their central bank digital currencies, or CBDCs.
The central banks of Russia and Japan announced that in April they will launch the pilot tests of their CBDCs, planes that they have been working on for a few months.
The executive director of the Japan Bank, Uchida Shinichi, declared this week that the pilot tests seek to make clear the viability of the CBDC currency in the local financial environment, with the collaboration of thirteen financial institutions and other payment platforms.
You need to know that you can do that before you can do it with non-individual person-to-person transactions, and you can do it with business and service customers.
Regarding the tests in Russia, which has already been announcing this topic since last year, it is expected to launch its CBDC in 2024.
In the midst of the controversy that digital money generates globally, and especially in countries like Russia and Japan, where restrictions are deep, it is important to remember that digital money is being considered as a way to evade sanctions from the European bloc and from USA.
Related to the issue of cryptocurrencies, on the other hand, it is important to mention the advances of the European Parliament in terms of digital identity (eID) that allows citizens to “identify and authenticate themselves online (through a European digital identity wallet) without having to resort to commercial providers”.
(Reference image source: Unsplash, in collaboration with Getty Images)
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