The Bank of Japan (BOJ) said on Monday that it has begun experiments to study the feasibility of issuing its own digital currency. The move sees it join other global central banks in exploring options in the digital sector.
According to the regulator, the first phase of experiments will be carried out until March 2022 and will focus on testing the technical feasibility of issuing, distributing, and redeeming a central bank digital currency (CBDC). It will then move to the second phase of experiments, which will scrutinize more detailed functions, such as whether to set limits on the amount of CBDC each entity can hold.
That will be real funny money. Japan has been inflating their currency for almost 30 years.