China and Japan are pushing forward with their respective pilots for central bank-issued digital currencies, or CBDCs.On March 26, Bank of Japan announced it had developed the Liaison and Coordination Committee on Central Bank Digital Currency to convene with both the private sector on the banks upcoming CBDC proof-of-concept, or PoC, specifying:”The Bank, through this committee, will share information of, and supply updates on the PoC with the personal sector and the government and will seek consultation on future steps to facilitate smooth application of the PoC. Clients can use for the banks whitelists to take part in the trial, and if approved, will be provided sub-wallets connected to the main banks digital RMB application.The main bank will examine applications on a case-by-case basis. Wallets can optionally be linked to existing bank cards released by the getting involved institutions.The six banks participating are the Agricultural Bank of China, Bank of China, Bank of Communications, China Construction Bank, Postal Savings Bank of China, and The Industrial and Commercial Bank of China.China has also been piloting its CBDC in the urban centres of Beijing, Shenzhen, Suzhou, and Chengdu considering that October.

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