Japan to Release Crypto Cards for CBDC
Japan Credit Bureau is preparing to issue physical cards for a central bank digital currency (CBDC).
Japan Credit Bureau (JCB) has started to develop an infrastructure project JCBDC, which will issue credit cards to use the digital yen (DCJPY) as a means of payment. This was reported by the local media.
The JCBDC payment platform is being developed in cooperation with French facial recognition software provider IDEMIA and e-commerce platform developers of Malaysian Softspace. Besides issuing physical cards for the digital yen, the platform will simulate a working environment for using a CBDC.
The platform development is expected to be completed by the end of this year, and JCB plans to begin issuing DCJPY-enabled plastic cards for live tests in March 2023.
The Bank of Japan (BoJ) keeps studying the possibilities of CBDC issuance, the pilot project of which was launched in 2021 and will last until late this year. However, the country’s government still isn’t convinced of the need to switch to CBDCs. At the same time, it’s known that the state investment will be spent on Web 3.0, in particular Metaverse and NFTs.