Chapter 1 introduces Japan's exploration into a potential Central Bank Digital Currency (CBDC), the digital yen. The Bank of Japan has initiated pilot tests to examine the basic functions of issuance and circulation of a CBDC, despite having no immediate plans to launch one. The chapter discusses the three-phase Proof of Concept (PoC) approach being taken to test these functions and the possibility of a future pilot program involving Payment Service Providers (PSPs) and end-users

Chapter 2 examines South Korea's approach to developing its own CBDC, the digital won. The Bank of Korea has initiated a pilot scheme to explore the practicalities of launching a digital currency, mirroring Japan's cautious yet preparatory strategy. While there are no immediate plans to introduce the digital won, the central bank is focused on ensuring readiness for potential future deployment. South Korea has even developed a technical platform for pilot testing with the help of Shinhan Bank and LG CNS. 

Chapter 3 delves into Project Aber, a collaborative initiative between the Saudi Central Bank and the Central Bank of the United Arab Emirates to explore the development of a joint digital currency for cross-border transactions. The project, which began in January 2019 and concluded in November 2020, aimed to assess the feasibility of a wholesale CBDC as a settlement unit between commercial banks in both countries.

Chapter 4 focuses on the European Union's exploration of a potential Central Bank Digital Currency (CBDC), the Digital Euro. The European Central Bank (ECB) conducted a public consultation from October 2020 to January 2021, receiving significant feedback emphasising the public's desire for privacy and security in a digital currency.