Despite the current competition between leading nations in terms of a CBDC issuance, Japan wants to take its time. As per the report, the Bank of Japan has strengthened its CBDC research team by appointing a highly-qualified team leader.
As per the report of Reuters on July 31, the Japanese central bank chose Kazushige Kamiyama, one of the country’s top economists and former director-general of the bank’s Research and Statistics Department, to lead the CBDC research project. The new appointee’s previous accomplishments include leading the Bank of Japan in terms of Big Data usage that allowed the institution to conduct real-time econometric analysis. Reuters emphasized that this innovation had been beneficial when the country’s economy went into turmoil due to the coronavirus pandemic.
This announcement, according to analysts, is a sign that the country is slowly softening its guard again digital currencies. Aside from working with other nations’ central banks, it was also revealed that the team would seek help from the private sector to understand CBDC better. Notably, the Japanese government supports the possibility of issuing the digital version of its yen.
Despite repeated announcements that the Japanese government has no plans to launch a CBDC soon, the report exhibits the country’s serious take toward the possibility. As confirmed by a senior official of the Bank of Japan, the realization of digital yen is now one of their top priorities.