Bank of Japan (BoJ) announced establishment of a new CBDC research team that will continue the work of the previous group of experts who have been analyzing various issues regarding the digital currency of the central bank. It is known, however, that it is about exploring various aspects of this topic, and not directly preparing for the issuance of a new version of the country’s currency.
Bank of Japan is still studying CBDC
The Bank of Japan announced new news on July 20. The authorities have just created a new CBDC team to accelerate research into the feasibility of the central bank’s digital currencies.
The team is taking over this task from the previous expert group, which was formed earlier this year. By the way, it will continue research work undertaken with other central banks. BoJ said, however, that he is currently not planning to spend his own digital currency, although this may change in the future.
BoJ has already conducted his research on the feasibility of the national digital currency, and in January created a working group on digital currency with five other central banks from Canada, the United Kingdom, Sweden, Switzerland and the European Union.
The new decision is probably the next step in the new economic strategy of the country, which includes CBDCA.
Unclear situation in the country
Only that the situation is quite complicated and in fact unclear. BoJ’s vice president stated in January that his institution must be ready to issue CBDC in the event of a sharp increase in demand for this type of payment solution. Then at the beginning of this month he added that the bank will begin the process of examining the feasibility of the concept of digital yen.
Despite such optimistic signals, there are still officially no plans to launch a digitized yen, but this may change in the future.
In the meantime, a large Japanese bank MUFG announced that it plans to release its own stablecoin later this year.
It is possible that in 2020 the digital yuan will also appear on the market, because advanced tests of the new currency are already underway in China.
France is also reflecting on the digital euro, and the topic of the digital dollar is increasingly coming back in the US public debate.