On line with a recent official announcement by the ‘The Bank of Japan’ recently on 20th July, it had formed a new team to accelerate research into the feasibility of CBDC [Central bank digital currencies].
The team takes over from an earlier group formed earlier this year, and can also continue research work undertaken with other central banks. BoJ said it doesn’t presently have any plans to issue its own CBDC for now, although this might amend within the mere future.
BoJ was already conducting research into the feasibility of a national CBDC, and formed a digital currency working partly with five other central banks from Canada, the United States, Sweden, Switzerland along with the European Union earlier in January.
Now the recent announcement would seem to easily reflect the Japanese Cabinet’s approval on Friday of an annual policy guideline confirming the continuation of this collaborative effort.
CBDC As Public Demand
The BoJ’s deputy governor added earlier in January that it might issue a CBDC as public demand surge. Then earlier this month it announced that it can also begin a proof-of-concept process for the digital yen.
However the official line remains that it no plans to launch one, but this might change within the future.
Meanwhile, Japanese megabank MUFG is expected to release its own stablecoin later within this year.