Established specialized organization for full-scale research on BOJ digital currency 13:05, July 20
The BOJ has created a new specialized organization in order to make full-scale research on digital currencies. China and other countries are leading digital currencies to replace bills and coins, and the BOJ is rushing to respond.
Digital currency is an electronic legal currency that can be exchanged with smartphones instead of bills and coins. Each country is conducting research and is preparing to issue the "digital yuan" in China.
The BOJ is also conducting research in collaboration with the European Central Bank and others, but as of the 20th, we have created a new specialized organization called the "Digital Currency Group" within the Payment Bureau.
In the future, we will consider the technical issues to make everyone usable in any environment when issuing digital currency, how to handle personal information, and legal issues.
It also serves as a contact point for cooperation with private companies such as overseas central banks and telecommunications companies.
At the moment, the Bank of Japan says it has no plans to issue digital currencies, but the government has decided to urgently respond to the decision of a digital currency review policy for the first time in the “Bounty Policy” decided by the government last week.