Hey Peeps!
Unfortunately, it appears that Japan is moving forward with their plans to create a Central Bank Digital Currency (CBDC).
The Bank of Japan is reportedly working with 3 of the country's top banks and other financial institutions to launch this digital yen trial.
The Trial period will begin in 2023 and will run for approximately 2 years.
Depending on the results of this trial, the digital yen CBDC may be approved as early as 2026.
This is not the first CBDC that has been approved throughout the World.
I believe the Bahamas launched the first CBDC ever with the Sand Dollar in 2020.
I checked cbdctracker.org and it looks like Jamaica is very close to releasing their "Jam-DEX" CBDC.
It appears that France, Ghana, Nigeria, Saudi Arabia, and China are just behind them in releasing their own CBDCs.
Even last week, the Federal Reserve in the United States announced the launch of their own 12-week CBDC trial.
I am not feeling too good about this news to be honest.
We are inching closer and closer to a centralized world.
What do you guys think?
Is the beginning of the CBDC craze for countries?
If you have made it this far and enjoyed the post, please consider hitting the Thumbs Up 👍 and Follow buttons!
If you want to be even more awesome, please Tip before you go!
And while you're at it, Enter my Monthly Giveaway on Publish0x to win yourself some free Crypto!
It takes 5 seconds to enter!
See ya!
:)
