Every day we hear in the news that a new Central Bank is doing research in order to launch their own cryptocurrency. As Wallebi reported previously, China is the pioneer to bring CBDC to the real world. CBDC stand for Central Bank Digital Currency. In fact, Central Banks find CBDCs as a solution to update themselves by new technologies. Cryptocurrencies are getting popular these days. Especially after the COVID-19 pandemic many people started to use cryptos as an investment option. As a result, the market cap of most of cryptocurrencies raised significantly. In the latest news, Bank of Japan is building a new CBDC research team.
As we mentioned above, during COVID-19 pandemic a lot of people attracted to cryptocurrency market. People started to invest in cryptos in order to create a new source of income. Almost everyone knows that cryptocurrency is the future money. Consequently, Central Banks find it necessary to be updated by new technology. They create their own CBDC to give a new method of payment for their customers.
Bank of Japan Is Building A New CBDC Research Team; there is no rush in order to launch the CBDC
Recently, Bank of Japan announced that they are doing research in related to their CBDC, but there is no rush to launch it.
The Bank of Japan appointed a new team consists of top economists in order to accelerate its research into creating the digital yen.
Reuters published on July 31 that Bank of Japan faced with necessity in releasing its CBDC after Covid-19 pandemic.
Government supports CBDC
The Japanese government is also supporting the digital yen. Although Japanese people are the most cash-loving population, the government and authorities are increasingly looking toward CBDC and its potentials in the future.
The Japanese Digital yen has been written into the Honebuto Plan. In fact, the mentioned plan is the basis for financial policy.