In an announcement early August, Japan has reshuffled its leadership and appointed the lead economist Kazushige Kamiyama to head the payments and settlements department, aka the Central Bank Digital Currencies (CBDC).
With this, the other counterpart name Seisaku Kameda will succeed Kamiyama as he leaves his post as head honcho of the Bank of Japan.
With Facebook’s Libra being on a rampage, there has been an agitation for central bank digital currency exploration worldwide. We know that Bitcoin has slow adoption; some have sealed the world’s central banks into creating their version of digital currency.
Case in point, China released a full-blown to compete against Libra.
Meanwhile, the US is also at its slow pace regarding the digital dollar. The country is at its negotiation stage, whereas it has already passed the first stage in China. In response to this, Japan’s undertaking also aimed to get ahead with six other countries, including China.
From various reports, the Japanese Government has relentlessly pushed for a Central Bank Digital Currency (CBDC). In the news, the Central Bank Digital Currency was already included in the official Honebuto Economic Plan, which happened one week after the Bank of Japan (BoJ) announced it would commence a Proof of Concept (POC) project with the Digital Yen.
As per the statement, there is no definite timeline, and it is yet to be announced by the authorities.
Still, according to the BoJ report called Technical Hurdles for CBDC, it disclosed that it would check the feasibility of CBDC from a technical perspective. This is contingent on pushing along with other banks.
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