Japanese Central Bank Creates Digital Currency Unit – Led by Satoshi!
The central Bank of Japan (BoJ) has created a “Digital Currency Unit” as the nation heads toward a tentative central bank digital currency (CBDC) launch – and it’s being headed by a man named Satoshi.
Per Reuters Japan, the BoJ has officially opened a specialized team devoted to Digital Currency-related matters. Although the BoJ is yet to outline exactly what the team will be charged with handling, its establishment coincides with a flurry of CBDC-related activity in recent days, indicating that a digital yen could launch sooner rather than later.
Reuters said the team has been established in a bid to “promote the digitization of payment systems and examine CBDC-related matters.”
As reported last week, the Japanese cabinet is expected to include CBDC issuance policies in its budget plan.
The plan is drawn up by a council that comprises BoJ executives and is chaired by Prime Minister Shinzō Abe.
Despite the government’s initial reluctance to issue a CBDC, Tokyo has been working on digital currency research for several months, working in conjunction with major European central banks. China’s own digital yuan progress, and South Korea’s own fast-developing CBDC project may have already made digital currency issuance in all three nations practically inevitable.
The BoJ is also hoping to take part in “full-scale talks with the United States and European countries” on CBDC-related matters, and has launched plans for a technical feasibility pilot for a digital yen.
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