The Central Bank of Japan Introduces Their Team of Crypto Researchers
By Max Steadman – Cryptocurrency Enthusiast
As the nation gain cautious momentum in their Central Bank Digital Currency (CBDC) launch, the Central Bank of Japan (BoJ) have developed a Digital Currency Unit and is being directed by a man named Satoshi.
A specialized team has officially been set up by the BoJ to consult and address cryptocurrency trading and regulation. The BoJ have not detailed exactly what the team are investigating but its annoucment overlaps with other recent news surrounding CBDC’s, revealing activity indiciative of a digital yen launch. The report confirms that the blockchain team have been set up to ‘promote the digitization of payment systems’ and to further study matters relating to individuals and companies who buy and sell cryptocurrency.
Heading the team will be the appropriately named Mr Satoshi Otani. The board will report to the bank’s settlements department. According to the article, the CBDC issuance policies are likely to be included in the budget plan by the Japanese cabinet. The plan is created by a body that consists of BoJ directors and is overseen by Prime Minister Shinzō Abe.
While the government have been reluctant to address rules for those who buy and sell Bitcoin, Tokyo has been a central hub in recent months regarding blockchain and cryptocurrency research. The city has been working alongside major European banks and with China’s own digital yuan developments, and South Korea’s growing crypto CBDC program, a digital yen issuance might be inevitable.
The Japanese bank is seeking to participate in ‘full-scale talks’ with the US and European countries regarding digital currency matters. The financial institution have also published plans for a test pilot release of their CBDC in accordance with technical analysis.