The Bank of Japan has selected Startale Labs Japan, a subsidiary of Startale Labs, to participate in its CBDC Forum.
As a participant in the forum, Startale Labs will have an important part to play in developing a possible digital currency and testing proofs-of-concept that are intended to determine whether or not the Bank’s proposed central bank digital currency (CBDC) is technically feasible, according to the latest information coming out of Tokyo from Startale and shared with Finbold on July 20.
The Bank of Japan will work with other members of the CBDC Forum to construct the experimental infrastructure necessary to support its CBDC, even though the bank does not currently have any plans to issue CBDC.
Before carrying out several performance tests to validate its end-to-end process flow, the Bank of Japan will engage with the members of the CBDC Forum. The CBDC Forum is comprised of several prominent private sector businesses that have expressed their willingness to participate in the pilot projects.
Use cases for a CBDC
The attendees of the CBDC Forum will organize themselves into a working group whose primary mission will be to generate use cases for a CDBC. The transfer of cash, payments between businesses, transactions involving salaries, and the establishment of a private payment infrastructure are some of the potential uses for the CBDC.
Startale Labs Japan, as one of the country’s top Web3 infrastructure developers and crypto project incubators, plans to make a significant contribution to the CBDC Forum by sharing its knowledge and shedding light on potential uses for the technology.
The company’s knowledge of blockchain technology and digital asset development is substantial, and it has a deep understanding of worldwide Web3 protocols.