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BOJ plans digital yen experiment with mega-banks next spring

The Bank of Japan plans to start testing the feasibility of a digital yen with major Japanese commercial banks next spring, sources familiar with the matter said Thursday.

The experiment, which will allow ordinary consumers to participate, is aimed at checking whether money deposits and withdrawals via bank accounts at commercial banks can be carried out smoothly with the use of a central bank digital currency (CBDC), the sources said.

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