The Bank of Japan announced on 20 July that it had formed a new team to accelerate the investigation into the viability of the Central Bank’s Digital Currencies (CBDC).
The team replaces the previous group formed earlier this year, and will continue the research work done with other central banks. The Bank of Japan said it currently has no plans to issue its own CDB, although this may change in the future.
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In January, the bank was already investigating the feasibility of a national CBDC and formed a digital currency working group with five other central banks, such as those of Canada, the United Kingdom, Sweden, Switzerland and the European Union.
The latest announcement appears to reflect in simple terms the approval by the Japanese cabinet of an annual economic policy guideline confirming the continuation of this collaborative effort.
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In January, the Vice Governor of the Bank of Japan stated that the Bank should be prepared to issue a The News Spy in case public demand increases. Then, earlier this month, he announced that he would begin a proof-of-concept process for the digital yen.
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However, the official line remains that he has no plans to launch one, but this is something that may change in the future.
Meanwhile, the giant Japanese bank MUFG plans to launch its own stablecoin later this year.