Japan’s Central Bank Creates New Cryptocurrecny Division: Report

Japan’s Central Bank creates a new division to research and to learn more about the issuance of digital currencies as we are reading more about in the following cryptocurrency news.

The development for the digital yen came after the Japanese parliament members called for increased participation for digital assets and CBDC research. The local news outlet Mainichi said earlier that Japan’s Central bank creates a new digital currency group will work under the new payment and settlement system department. The team members were allocated to the division and they will now be headed by Akio Okuno who is a senior official at the department.

The group will set up a digital currency research team but there’s no more information on why the older team was replaced. The new crypto division will conduct joint research on CBDCs and digital currencies with the regulators form the European Union and also the administrators. These include the European Central Bank and the Bank of England. Last week, the Japanese Cabinet approved the annual economic policy guideline where it says that the bank will conduct a new study on crypto assets in collaboration with other countries. However, no issuance can be expected in the near future as the report added:

 “The BOJ has said it does not currently plan to issue its own digital currency, but has not ruled out the possibility in the future.”

While this is the first government-backed development in regards to crypto developments, Japan’s private sector adopted and brought in a vibrant crypto-focused environment. Three other Japanese megabanks including the MUFG Bank, Mizuho Bank, and Sumimoto Mitsui Banking Corp are now offering crypto services to clients or have conducted their independent studies on the yen-based stablecoin.

Nomura, another Toyko-based conglomerate launched its Bitcoin custodial services for accredited investors in the country. Others such as the KDDI Corp and the East Japan Railway Co. set up a consortium back in June to study interoperable electric money and digital currency while the BOJ participated as an “observer.” The news of the digital yen comes at quite a ripe time as the Japanese senator said cryptocurrency and blockchain will be more important in the post COVID world laying out a few reasons for the opinion at the time.
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