12 C
Kathmandu
Home News Initiation on Digital Yen by the Bank of Japan

Initiation on Digital Yen by the Bank of Japan

The national bank of Japan stated on Thursday about exploring the option of a digital national currency in cooperation with foreign central banks and financial techs. The Bank of Japan declared on experimenting with Central Bank digital currency (CBDC) to check it’s feasibility from a technical perspective.

As per the report, Technical Hurdles for CDBC, this approach is to digitize cash, although, it is still to see if Japan can match up with China which has already begun testing its own CDBC. This news comes behind the European currencies trial of the CDBC on Sweden, France and Switzerland alongside Britain and Canada which are also experimenting on the initiation.

Major hurdles

In accordance with the report, the BoJ is looking into overcome two major hurdles: universal access and resilence. The former being the maximum accessibility, but, based upon the Statista Research Development, only 66% of Japanese people use smartphones which is very less impactful. The other being the service availability of digital currency when electric power is not available. For example- the accessibility for use under circumstances like earthquake or others.  

Digital Yen and Blockchain

Source: Newsbreak

The BoJ is analyzing the scenarios if blockchain is to be used for the CDBC. Distributed ledger technology based DBDCs will avoid single point of failure and show resilience but may require a longer amount of period on transact since blockchain networks require a general agreement among multiple validators.

In April, China experimented the pilot version of digital yuan on four cities- Shenzhen, Chengdu, Suzhou and Xiongan.

- Advertisement -
Santosh Thapa
Blockchain analyst
- Advertisement -

Stay Connected

5,125FansLike
2FollowersFollow
35SubscribersSubscribe

Must Read

Bitcoin Moves 27% Downside After Touching Historical $42,000

Bitcoin price dipped to $30,000 zone today which accounts for more than 27% downfall from its all-time high $42,000. After Bitcoin crossed its previous...
- Advertisement -

Writing your first smart contract in Scilla (Zilliqa)

Scilla — a programming language for writing smart contracts in Zilliqa Blockchain is not an easy language to master. The official documentation is itself too technical...

Bitcoin कहिले किन्ने? कहिले बेच्ने? डेटा विश्लेषण र ट्रेडिगं जानकारी पढ्नुहोस्

Bitcoin को मूल्य दिन प्रतिदिन बढिरहेको छ; यस्तो बेला लगानीकर्ताहरुले ध्यान पुराउनुपर्छ । Bitcoin को मूल्य एकदमै अस्थिर छ, यसको मूल्य आज दोब्बर हुँदा...

Facebook र Alibaba भन्दा बहुमूल्य Bitcoin!

Bitcoin को मूल्य $४१,००० पुग्दा बिटक्वाइन अब फेसबुक र Tesla को बजार पूँजीकरण (market cap) भन्दा ठुलो बनेको छ। यसैले, यदि बिटकइनलाई एक संगठन...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Related News

Bitcoin Moves 27% Downside After Touching Historical $42,000

Bitcoin price dipped to $30,000 zone today which accounts for more than 27% downfall from its all-time high $42,000. After Bitcoin crossed its previous...

Writing your first smart contract in Scilla (Zilliqa)

Scilla — a programming language for writing smart contracts in Zilliqa Blockchain is not an easy language to master. The official documentation is itself too technical...

Bitcoin कहिले किन्ने? कहिले बेच्ने? डेटा विश्लेषण र ट्रेडिगं जानकारी पढ्नुहोस्

Bitcoin को मूल्य दिन प्रतिदिन बढिरहेको छ; यस्तो बेला लगानीकर्ताहरुले ध्यान पुराउनुपर्छ । Bitcoin को मूल्य एकदमै अस्थिर छ, यसको मूल्य आज दोब्बर हुँदा...

Facebook र Alibaba भन्दा बहुमूल्य Bitcoin!

Bitcoin को मूल्य $४१,००० पुग्दा बिटक्वाइन अब फेसबुक र Tesla को बजार पूँजीकरण (market cap) भन्दा ठुलो बनेको छ। यसैले, यदि बिटकइनलाई एक संगठन...

Bitcoin को अन-चेन डाटा मूल्यको नयाँ उचाइ देखाउँदै !

Bitcoin को मूल्य Bull हरूले पूर्ण नियन्त्रणमा लिइरहेका छन्; उनीहरूले राता-रात यसको अघिल्लो सबै समयको उचाइ उछिन्दै नयाँ मूल्य स्थापित गरेकाछन्। $१४,००० बाट दौडिएको...
- Advertisement -