Japan and China are not pumping the breaks on their push for central bank digital currencies.
If anything, China has made a point, earlier this week, of touting the qualities of its upcoming digital yuan project and the “reasonable anonymity” the currency had.
Japan, on the other hand, established a CBDC Liaison and Coordination Committee. The new group works under the Bank of Japan, the country's central financial authority. Japan is now exploring a proof of concept (PoC) for a potential CBDC.
Earlier today, the Bank of Japan said that it would seek future steps to facilitate the smooth implementation of the PoC.
Meanwhile, China is not falling behind. On March 23, Chinese media outlet Sina published news that Chinese banks are already testing wallets that can help the digital yuan go from a marginal payment method to a mainstream way to settle transactions.
China has one of the highest rates of adoption of mobile payments and the population is familiar with cutting-edge technology. For the time being, only approved candidates are allowed to use the digital yuan.
Text messages are sent to them with instructions on how to set up wallets and use them, mostly by scanning QR codes. Payment limits are set at 1,000 yuan daily but they are going to become higher once the People's Bank of China has a working mass-scale framework for its CBDC.
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