Ever since the first time that China announced that it was planning to launch its own Central Bank-backed digital currency, most countries around the world have been following suit. Recall that China could be the first country to debut the CBDC as its pilot test phase has already begun across the country. With big companies like Starbucks and McDonald’s – two of the most prominent companies – aiding the Asian countries with the test of the CBDC. If all things go according to plan, China might launch the CBDC before the end of the year even though there is no specific date for that yet.
With numerous countries planning to make their mark with this new blockchain-based digital currency, the development could drive further adoption of the technology. One of the major countries that are making remarkable progress in the development of its CBDC is Japan. Japan has been aiming to begin the creation of the digital Yen to make sure it does not lag behind when it comes to technology usage. As a result of this, the Japanese government has further given its backing to the blockchain sector.
CBDC to be tested across the northern part of Japan
Because the Japanese government has given its backing to the blockchain technology, a Nikkei article has released a recent report that claims that Japan is on their way to begin testing the CBDC. Dubbed the “white tiger”, the article noted that the testing phase will include retailers operating at a university in Fukushima. The Japanese Blockchain firm has also given clear intentions to begin testing of the local digital currency in the university of Aizu. According to the article released by Nikkei newspaper, the digital currency is a blockchain-based currency that is hosted on the Hyperledger Iroha Blockchain.
The newspaper noted that the new digital currency will be tested in cafeterias and shops in the university of Aizu in Fukushima prefecture. With the university located around 300 km to the north of Tokyo, it is a perfect venue to test its operation. After the launch around the campus, depending on the success rate, the launch will be moved to other locations outside the school premises starting from July 1.
White tiger part of technological innovations in the region
The introduction of the new “White Tiger” digital currency has been met with so much positivity and has been seen as the currency for the new generation. The introduction of the new digital asset is one of the smart city initiatives by the private and public organizations across the country. Recall that in the past few years, the officials of the Aizu Wakamatsu had been trying to develop technological innovations across the country.
The article says that all the approved and participating stores will be able to receive payments via digital apps from the population of the region. With the population of the region estimated to be around 120,000, residents would be able to pay via apps on their phone or charge cards. Soramitsu has its headquarters in Tokyo, and is one of the blockchain platforms that is behind the development of the Cambodian Central bank digital currency.