Japan, China and Russia move CBDCs forward Japan China Russia
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“The aim of the pilot program is twofold: first, to test the technical feasibility not fully covered by the PoCs, and second, to utilize the skills and insights of private businesses in terms of technology and operation for designing a CBDC ecosystem in the possible event of social implementation,” Uchida said.
The BoJ director noted that all transactions are experimental in nature and no actual retail transitions will be made during the pilot, only simulated ones. The PBoC plans to distribute a total of 10 million yuan via “digital RMB red envelopes,” with each envelope containing up to 999 yuan . Token recipients will be able to spend their digital yuan holdings at a variety of venues, including restaurants, hotels, supermarkets, jewelry shops, and for home appliances.
“We plan to launch the digital ruble project on April 1, with transactions involving individual transfers as well as payments in trade and service enterprises,” Skorobogatova stated at the Ural Forum Cybersecurity in Finance. “I’ll immediately draw attention to the fact that the pilot will go on real operations, real customers, but on a limited number of operations and on a limited number of customers with 13 banks that have already technically confirmed their readiness.
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