The Bank for International Settlements (BIS), in collaboration with a group of seven central banks, published its first joint report into central bank digital currencies on Oct. 9, focusing on the foundational principles and core features of CBDCs.
Alongside the report, the Bank of Japan, one of the members of the group, released a document outlining its own specific approach to CBDCs from a Japan-centric perspective.
According to the BoJ report, it will begin the first of several testing phases for its own CBDC sometime in 2021. This will include the development of a test environment for the currency and experiments on its basement functions as a payment instrument.
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