Bank of Japan Puts Top Economist in Charge of Digital Yen Initiative

The Bank of Japan (BoJ) has moved its most senior economist to lead the department responsible for research and development into central bank digital currencies (CBDCs).

• Kazushige Kamiyama, formerly director-general of the BoJ's Research and Statistics Department, has moved to the Payments and Settlements Systems Department, Reuters reported Friday.
• The department has been heavily involved in a digital currency working group alongside five other central banks since the start of the year.
• It also runs the task force, set up earlier this month, that examines the possible implications of launching a CBDC in Japan.
• A former academic, Kamiyama has been at the BoJ for more than six years, spending two at the central bank's New York offices.
• As head of the research department, he advocated the bank use "Big Data" to better monitor and capture economic trends in real-time.
• Having initially discounted CBDCs, the BoJ has revisited the idea of launching its own digital currency as geopolitical rival China has taken the lead in CBDC development.
• A senior official told local media this week that digital currency research was now a "top priority" for the central bank.

See also: Japan Is Seriously Considering a Digital Yen: Report