BOJ Starts Central Bank Digital Currency Experiments
The year-long Phase 1 will conduct experiments on basic functions of a CBDC.
The country is testing the currency in different pilots.
The Bank of Korea is looking for a technology supplier to explore a digital currency in a test environment.
The announcement came in a hearing about central bank digital currencies.
The new digital yuan wallet will require users’ biometric information to enable payments.
Officials at multiple government departments are increasing efforts to better understand any possible threat posed to the U.S. dollar by China's digital yuan.