Digital Currency

Digital Currency Proof-Of-Concept Is Beginning In Japan In 2021

Alongside the published report, the Bank of Japan, one of the association members, has published a document describing its particular approach to CBDCs from a Japan-centric viewpoint.

The BoJ report will start the first of several testing stages for its own CBDC someday in 2021. This will involve developing a test condition for the currency and operations on its basement functions as a payment tool.

The BoJ report records that a core feature of the digital currency must be flexible in the face of foundational interruptions because of force Majeure. Therefore, declaring that offline use in terms of a system and network crashes, as well as electrical blackouts, is also essential for Japan, given the regular appearance of natural disasters.

Due to the nature of its geography, Japan is predisposed to a wide variety of natural disasters. These include earthquakes, tsunamis, floods, typhoons, cyclones, and volcanic eruptions. 

The report presents no details on how fighting against the before-mentioned events might be completed

Nevertheless, some resolutions direct potential electrical or network failures for Bitcoin (BTC) and other blockchain-based cryptocurrencies.

These involve the development of mesh networks. They are based throughout long-wave radio transmitters, and Blockstream’s satellite network, which distributes Bitcoin transactions via space.

The publishing of BIS digital currency research group took place in January 2020. It covered central banks from Japan, Canada, the United Kingdom, Sweden, Switzerland, and the European Central Bank. The United States Federal Reserve has also since entered the group.

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