The central Bank of Japan (BoJ) has created a “Digital Currency Unit” as the nation heads toward a tentative central bank digital currency (CBDC) launch – and it’s being headed by a man named Satoshi.
Per Reuters Japan, the BoJ has officially opened a specialized team devoted to Digital Currency-related matters. Although the BoJ is yet to outline exactly what the team will be charged with handling, its establishment coincides with a flurry of CBDC-related activity in recent days, indicating that a digital yen could launch sooner rather than later.
Reuters said the team has been established in a bid to “promote the digitization of payment systems and examine CBDC-related matters.”
Its head will be the (perhaps aptly named after the mysterious Bitcoin (BTC) creator, Satoshi Nakamoto) Satoshi Otani, and the team will report to the BoJ’s settlements department.
As reported last week, the Japanese cabinet is expected to include CBDC issuance policies in its budget plan.
The plan is drawn up by a council that comprises BoJ executives and is chaired by Prime Minister Shinzō Abe.
Despite the government’s initial reluctance to issue a CBDC, Tokyo has been working on digital currency research for several months, working in conjunction with major European central banks. China’s own digital yuan progress, and South Korea’s own fast-developing CBDC project may have already made digital currency issuance in all three nations practically inevitable.
The BoJ is also hoping to take part in “full-scale talks with the United States and European countries” on CBDC-related matters, and has launched plans for a technical feasibility pilot for a digital yen.
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