The Bank of Japan is set to launch a CBDC pilot with three Mega Banks in the spring of 2023, a significant move for Japan in the CBDC world. The focus of the pilot is testing the offline functionality of Japan’s CBDC, which aims to enable payments without the internet. This plays into the narrative of a potential cyber attack or cyber pandemic, where internet blackout could occur, and they want their currency to survive such situations. The writer views CBDCs as evil, but acknowledges their inevitable implementation and plans to make money from them for good.
The Bank of Japan is Ready for CBDC Pilot with Three Mega Banks
The Bank of Japan (BOJ) announced that it is set to conduct a Central Bank Digital Currency (CBDC) pilot with three major banks starting in the spring of 2023. This is a significant milestone for Japan’s foray into the CBDC world. However, while some people see CBDCs as necessary for the future of currency, others see them as evil.
Why is the CBDC Pilot Important for Japan?
The CBDC pilot is a significant step for Japan towards the digital currency world. The BOJ’s primary objective with the pilot is to test the offline functionality of Japan’s CBDC. The idea is to enable payments without access to the internet. The reason this is important is that it plays into the whole Cyber Attack and Cyber Pandemic narrative that suggests there will be an internet blackout or reset. The BOJ wants its currency to survive even under such circumstances.
Why CBDCs can be Seen as Evil
While CBDCs may seem like a step towards a cashless society, some see them as a negative development. CBDCs are essentially digital versions of fiat currencies controlled by central banks, which puts the power of money creation in the hands of a few. This creates the potential for governments to have increased control over citizens and businesses. Additionally, the CBDC system could also put privacy concerns in the spotlight.
Despite the rising concerns with CBDCs, some may see them as inevitable. It is reported that CBDCs could easily overshadow cryptocurrencies, such as Bitcoin, in the near future. However, instead of fighting the system, some people, like the writer of this article, have chosen to go with the flow and figure out how to benefit from it. That way, they can use their earnings for good purposes.