JAPAN STUDIES DIGITAL CURRENCY

The Bank of Japan will start full-fledged research on central bank digital currencies, or CBDCs, in preparation for a possible need to issue such currency, according to Jiji Press.

The Japanese central bank created a new working group, dubbed the Digital Currency Group, in its Payment and Settlement Systems Department on Monday.

The BOJ will work with the government, which clarified a digital currency research plan in its basic economic and fiscal policy guidelines adopted Friday.

 "At present, we don't have any plan to issue (a digital currency)," a BOJ official said.

But the BOJ will promote research on the feasibility of digital currencies as a top priority issue, as the convenience and safety of contactless currency are attracting attention amid the spread of the new coronavirus.