On the 26th, the Bank of Japan announced that it had set up a liaison coordination committee divided into the private sector and the CBDC sector to central banks ahead of the CBDC proof of concept. In the future, the Bank of Japan said, “We will share and update details on proof of concept with private companies and the government through the committee, and seek consultations on future actions for smooth implementation of proof of concept.”
The Bank of Japan announced in October last year that it is preparing for a pilot test of the CBDC, and plans to officially start the first phase of the CBDC pilot test from next month.
On the 23rd, China’s state-run media Sina Ilbo reported that six major government-owned banks in China (the Agricultural Bank of China, Chinese Poetry Bank, Telecommunication Bank, Construction Bank of China, Post Savings Bank of China, Industrial Commerce Bank of China) began testing digital renminbi wallet did. Customers can whitelist the bank to participate in the test, and once approved, a wallet associated with the digital renminbi application will be issued.
Authorized users will receive a text message with instructions for downloading and setting up a QR code digital wallet for scanning. The daily payment limit per wallet is set at 1,000 yuan (170,000 won), but in the future, users can increase the limit for direct application. The wallet can be selectively linked with cards issued by participating institutions.
China has been piloting CBDCs in Beijing, Shenzhen, Suzhou and Chengdu since October last year. Also, sooner or later, the test will be conducted in Shanghai.