The Bank Of Japan has recently announced that it had formed a new research team regarding central bank digital currencies (CBDC).
The new team will takeover from the previous research group, that was formed earlier this year. It will also continue with the research works that was undertaken with other central banks.
The Bank of Japan is reportedly creating a new team in its Payment and Settlement Systems Department to look more closely into central bank digital currencies. https://t.co/QNmtjmVQ5J — John Kiff (@Kiffmeister) July 20, 2020
Bank Of Japan added that it has currently no plans to issue its own CBDC, although this might change in the future.
Back in January 2020, Bank Of Japan also formed a digital currency working group with five other central banks from:
Canada
United Kingdom
Sweden
Switzerland
European Union
The working group was formed to look into the feasibility of a national CBDC.
Recently, the Japanese Cabinet’s approved an annual economic policy guideline. This further confirms the continuation of this whole collaborative effort.
Meanwhile, the deputy governor of Bank of Japan stated back in January that it must be ready to issue a CBDC if public demand surge.
Earlier this month, Bank Of Japan announced that it would begin a proof-of-concept process for the digital yen. However, officially it has still no plans to launch one, although it might change in the future.
Source: Cointelegraph | Image: Unsplash