BOJ begins testing digital currency

Japan's central bank has started looking at the technical feasibility of a digital currency.

The Bank of Japan says the efforts are aimed at testing basic functions, and that it currently has no plan to issue such a currency.

The experiment started on Monday and is set to continue until March next year. After that, the BOJ will consider whether to conduct a test involving private businesses and consumers.

Central banks in a number of other countries are also studying digital currencies. China has already held public trials of digital yuan, and is said to be ahead of other nations in the field.