Today the Bank of Japan (BOJ) said it is forming a working group to explore central bank digital currencies (CBDC) in depth, Reuters reports. This follows the global interest in CBDC as well as a general focus on digital currencies.
The group will sit within the payments and settlements department and build on the digital currency work done so far. There is no express intention to release a CBDC.
That previous work on a digital yen includes research papers such as reviewing a retail CBDC, legal issues and how a CBDC might work offline. The Bank has also had a multiyear CBDC research collaboration with the European Central Bank (ECB), Project Stella. Expanding on that, earlier this year, it joined a group of five other central banks from Canada, Europe, England, Sweden and Switzerland as well as the BIS to share CBDC research.
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