BOJ Appoints its Top Economist to Head Unit Exploring CBDCs

The Bank of Japan (BOJ) announced this Friday that it had appointed Kazushige Kamiyama, the central bank’s top economist, to lead the department, which is looking into central bank digital currencies (CBDCs).

Ever since Facebook released the whitepaper for its Libra stablecoin, central banks have been forced to start seriously considering launching their own digital coins. The appointment announced today appears to be part of the bank’s efforts to keep up with financial innovation and the growing adoption of Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term technology and cryptocurrencies.

In particular, according to a report from Reuters, Kamiyama will be the head of the Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term and settlement department of the BOJ, which has been conducting research into CBDCs in collaboration with other central banks.

Japan has been historically cautious when it comes to cryptocurrencies and digital assets. However, the country has been slowly warming towards the idea, with the central bank having recently set up a task force focusing on CBDC research.

Furthermore, Japan’s government is also showing an increased interest in digital currencies. On the 14th of July, Japanese news outlet Nikkei reported that the Japanese government is going to include the consideration of a CBDC in its official economic plan, known as the ‘Honebuto Plan for Economic and Fiscal Revitalization.’

Central banks explore CBDCs

The BOJ is not alone in its efforts to explore digital currencies further. As Finance Magnates recently reported, earlier this month, the Bank of Lithuania officially issued its digital collector coin LBCOIN, making it the first digital coin issued by a central bank not only in the euro area but also across the world.

As part of the release, the Bank of Lithuania issued 4,000 LBCOINs, which equals 24,000 digital tokens and 4,000 silver collector coins. The launch was in dedication to the country’s 1918 Act of Independence and its 20 signatories.