Following an earlier report about the Japanese government's proposal to create a CBDC as part of the economic plan, Japan's Central Bank has created a "Digital Currency Unit." While this step may have been anticipated since the announcement, the choice of Satoshi Otani as the head of the unit appears unusual as a result of the similarity with the mysterious founder of bitcoin, Satoshi Nakamoto.
According to Reuters Japan, the Bank has formally arranged for a group of professionals that will focus on Digital Currency-related issues. Even though the Central Bank is yet to lay out the scope of activities the group will cover, its structure corresponds with an array of CBDC-related action as of late, demonstrating that a digital yen could be released soon.
The news agency also said the unit had been set up in an attempt to "advance the digitization of settlement frameworks and review CBDC-related issues."
The Bank of Japan settlement department will exercise supervisory powers over the team. The government is also expected to include guidelines and operational procedures for a CBDC rollout, as part of its overall economic plan.
Although the administration had been hesitant about a CBDC, Tokyo has been researching digital currencies for a while, collaborating with other notable European central banks. The progress report from China on their digital yuan, coupled with South Korea's advancements in CBDC creation, may have just made digital currency issuance inescapable in each of the three countries.
Source: Cryptonews
