The Japanese credit bureau (JCB) has launched a crypto project that would test the payment settlement function of CBDC. In addition, Japanese regulators have softened the strict laws regulating the process of listing a token in exchanges.
Japanese Credit Card Firm To Test Utility Cases Of CBDC
According to reports, the Japan credit card firm, JCB, plans to develop its CBDC for payment settlements. In addition, the firm has launched an internal investigation to examine the usage of CBDC for payment settlement.
The country’s financial agency added that the test aimed to check the feasibility of using CBDC to settle daily debt payments. Also, JCB stated that it aimed to test the interoperability of a CBDC with an existing credit card platform in the country.
Furthermore, the credit card issuer added that the test would help it position itself profitably for the upcoming Japan CBDC. The report revealed that some test facilities would be available in eateries and restaurants in Japan’s capital, Tokyo.
In addition, the company’s staff would make purchases via the CBDC facility to check its reliability for real-world payment functions. Also, the company would check other utility cases of the central bank digital currency.
Meanwhile, the Japan credit bureau has been buckling down its efforts in the Web3 and metaverse space. It recently collaborated with Fujitsu and JP Gaming firms to develop a Web3 project. The firm is also working on interoperability with the non-fungible tokens NFTs space.
Japan Focus On Developing And Testing Its Digital Currency
According to reports, Japan started its plans to create and test its CBDC earlier this year. So far, the country has recorded some breakthroughs and progress in its CBDC development.
In addition, Japan announced that it would use Sweden’s strategy to conduct its CBDC test rather than China’s. Furthermore, the Bank of Japan’s governor, Kazushige Kamiyama, stated that the Chinese large-scale test strategy might not suit Japan.
He added that the country would not use the Yen CBDC to counter the negative interest rate. Additionally, the CBDC test has progressed smoothly as it recently completed the proof of concept stage.
Japanese Regulators Updated Its Crypto Listing Rules
Meanwhile, reports revealed positive sentiments in the Japanese crypto market as the authority softens guiding digital assets listing on exchanges. The new laws only require Japanese exchanges to wait for 30 days after presenting an assessment review before listing a cryptocurrency.
According to analysts, the new regulation would help crypto assets with lower market capitalization to thrive in the market. In addition, the reports revealed that the Japanese regulators plan to improve the development of Web3 and NFTs projects in the country.
The country’s prime minister, Fumio Kishida, revealed that the government wants to integrate web3, NFTs, and metaverse into the social activities of the country. He added that such integration would attract top talents from across the world to the country.