Japanese tokenized deposit solution DCJPY to launch in coming months

Last week the Bank of Japan released a midterm report on its work on central bank digital currencies (CBDCs). The report revealed that a CBDC API sandbox was launched this month, and the Bank of Japan had previously conducted two proof-of-concept (PoC) tests on a digital yen, with the most recent one ending a year ago. The Bank of Japan has not yet decided whether to launch a CBDC, and given the low level of awareness among Japanese consumers, promotion could be difficult. The Bank of Japan is also involved in the Agora project, which uses tokenization for cross-border payments at the International Bank of Settlements. At the same time, the first Japanese tokenized deposit solution, DCJPY, is expected to be launched in the coming months.