He Bank of Japan He appointed his top economist to lead a team to accelerate his research into the Central Bank’s digital currencies (CBDC).
According to a report by Reuters July 31 the appointment of Kazushige Kamiyama This could mean a switch from the bank’s previously cautious nature to digital currencies.
Kamiyama previously led the bank’s efforts to use big data for real-time econometric analysis. According to Reuters This came in handy when the coronavirus epidemic hit the Japanese economy earlier this year.
Accelerating the pace of research
Despite his position that he has no immediate plans to issue a CBDC, This latest development shows how seriously the Japanese central bank takes current research.
As Cointelegraph reported The Bank of Japan recently announced the new team to accelerate ongoing studies on the feasibility of a national digital currency. He is reportedly seeking contributions from the private sector to improve his current understanding.
Since January of this year, the company has also been working with several other central banks in a working group for digital currencies.
The government also supports CBDCs
The Japanese government is also supporting the possible issuance of a digital yen. The examination of a CBDC was written in the Honebuto plan, which forms the basis of Japanese economic and fiscal policy.
Japan is currently the financially most beloved population in the world. However, the authorities seem to be paying increasing attention to the digital currency and its potential for the future.