He Bank of Japan announced on July 20 that it had formed a new team to accelerate this Investigation of the profitability of the central bank’s digital currencies (CBDC).
The team will replace the group formed earlier this year and will continue to conduct research with other central banks. The Bank of Japan said it currently has no plans to issue its own CBDC.However, this could change in the future.
Already in January the bank examined the feasibility of a national CBDC and formed a working group for digital currencies with five other central bankssuch as Canada, the United Kingdom, Sweden, Switzerland and the European Union.
The last announcement just seems to reflect the approval of an annual economic policy directive by the Japanese cabinet, which confirms the continuation of this cooperation.
In January, the deputy governor of the Bank of Japan declared this The company should be ready to issue a CBDC if public demand increases. Earlier this month, he announced that he would start a proof-of-concept process for the digital yen.
However, The official line remains that he has no plans to start oneHowever, this may change in the future.
Meanwhile, The huge Japanese bank MUFG plans to launch its own stable coin this year.