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The Bank of Japan released the second progress report on the digital yen pilot program and may consider deploying CBDC on the public chain
06-06 11:34

Odaily News The Bank of Japan released the second progress report of the Digital Yen pilot program, which revealed that a working group is studying how central bank digital currency (CBDC) can be combined with emerging technologies such as distributed ledger technology (DLT). As part of the exploration, researchers are considering deploying CBDC on a public chain. Although this solution is not feasible at this stage, a potential future development direction may be to adopt a Layer 2 blockchain solution with stronger control. It is worth mentioning that shortly after the release of this report, Kazushige Kamiyama, executive member of the Bank of Japan, said that there is no plan to issue central bank digital currency for the time being. (LedgerInsights)

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