The Bank of Japan has named its chief economist as the leader of a team tasked with accelerating central bank digital currency (CBDC) research.
According report Reuters agency on July 31, the nomination of Kazushige Kamiyama may mean a departure from the bank’s previous cautious approach to digital currencies.
Kamiyama previously led the bank’s efforts to use big data technology to conduct econometric analyzes in real time. According to Reuters, it proved helpful when the Japanese economy was hit by the coronavirus pandemic earlier this year.
Japan is taking CBDC seriously
Despite upholding its position that there are no direct plans to release CBDC, this latest move demonstrates how seriously the Japanese central bank is taking the current research.
BoJ has only recently established a new team to accelerate work on the possibilities of using the national digital currency.
Since January this year, the Central Bank of Japan is also working with several other central banks as part of the digital currency group.
The potential issue of the digital yen also has support in the Japanese government. Considerations on CBDC were included in the Honebuto plan, which is the cornerstone of Japanese economic and fiscal policy.
CBDC in the world
In February, the central banks of Great Britain, the Eurozone, Japan, Canada, Sweden and Switzerland announced a cooperation plan in the field of research on the issue of digital currencies.
Some time ago, we informed that the Central Bank of Lithuania, on July 9, will begin the presale of its CBDC – LBCOIN.
The Central Bank of Canada recently published an analytical note for its employees in which it stated that CBDC should be similar to ordinary money.
On July 20, the Bank of France unveiled a list of companies selected to begin their experiments around “central bank digital currency” (CBDC).
According published last year In the digital currencies survey, 70% of the central banks that took part in the survey are currently working or will start working on their CBDCs soon.
A few days ago we reported that the Central Bank of the Philippines, locally known as Bangko Sentral ng Pilipinas (BSP), intends to issue its own digital currency backed by the central bank.
On July 27 Chea Serey, the director general of the National Bank of Cambodia informed the media about the start of tests of the Cambodian CBDC – Bakong.