In its recent article, Reuters has reported that the Bank of Japan (BOJ) has begun research on the feasibility of making its own CBDC (central bank digital currency).
It is following in the footsteps of other central banks around the world. The Bank of China (PBOC) is the leader in these activities so far, as it has been working on the digital yuan since 2015 and has been trialing the CBDC widely in China since last year.
The Federal Reserve is also considering moving in this direction, as well as the ECB and central banks of other countries.
According to Reuters, phase one of these experiments will last until March of next year. It will be focused on tests related to the feasibility of launching, distributing, and redeeming the digital yen.