The BoJ [Bank of Japan] has appointed its top economist to steer a team tasked with accelerating its research into CBDC [Central Bank Digital Currencies].
Kamiyama had previously led the bank’s efforts to use big data for conducting econometric analysis in real time. Consistent with Reuters, this proved helpful when the Japanese economy was hit by the Covid-19 outbreak earlier this year.
No Immediate Plans To Launch CBDC, But Is It True?
Despite maintaining its position that it has no immediate plans to launch a CBDC, this newest development does indicate how seriously the Japanese Central Bank is taking the present research.
As reported earlier, the BoJ only recently announced the new team, to accelerate ongoing studies into the feasibility of a national digital currency. it’s reportedly seeking private sector input to extend its present understanding.
It has also partnered with several other central banks within a digital currency working group since January of this year.
Consideration Of CBDC
The potential issuance of a digital yen also has support within the Japanese government. Consideration of a CBDC has been written into The Honebuto Plan, which is among the basis for Japan’s economic and monetary policy.
Japan might presently be the foremost cash-loving population within the world, but its authorities seem to be increasingly looking towards digital currency and its potential for the long-term .