Japan is a country that strictly forbids the stable currency of other countries like USDT, and plans to gradually pilot its Central Bank Digital currency (CBDC) in April 2023. Its aim is to include private enterprises and test an ecosystem.

On February 17th, the Central Bank of Japan (BoJ) issued the opening remarks of Shinichi Uchida, chairman of the supervisory board, at the CBDC federation meeting. In his letter, Uchida announced that after achieving the 2021 proof-of-concept test, the World Bank is preparing to run a pilot program of "data yen" in April.

The pilot test will continue to work on the technical feasibility of "data yen" and extend the experiment to the model of CBDC ecosystem with the participation of private companies. As the senior official designated, it is not easy to carry out specific retail transactions during the trial period, only simulated trading transactions can be carried out.

Uchida's answer focuses on the future CBDC design and the importance of negotiating with stakeholders to replace the database system, the code-scanning payment architecture and many of the core elements of the system. For such negotiations, a CBDC community forum will be established.

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As early as November 2022, the local media reported the intention of the Bank of Japan, and the news of the CBDC pilot project is expected. It has been learned from some news that at least three large Japanese banks and regional financial institutions will cooperate with the Central Bank of Japan.

In addition, the Japanese government is considering lifting the ban on foreign stables, which will take effect in 2022. According to Japan's Financial Agency (FSA), the amendment needs to be based by June 2023. Although they will not allow stables in all other countries to be put on the market automatically, coins that are successful under certain checks will be ignored.