Bank of Japan appoints new lead for department that researches digital currency projects

The Bank of Japan (BOJ) has appointed notable economist Kazushige Kamiyama as the new head of a department that oversees research on central bank digital currencies (CBDCs). 

According to a Reuters report, Kamiyama will lead the BOJ’s payments and settlement department, which has carried out collaborative research with other central banks on CBDCs and cryptocurrencies. 

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Kamiyama has a track record of using big data to analyze fluctuations in the economy. According to Reuters, this approach played a significant role in helping the central bank navigate changes in the economy during the coronavirus pandemic. 

The BOJ recently set up a new team to further its study of digital currencies following reports that the Japanese government was considering issuing a CBDC in its policy framework this year. The BOJ has said although it does not plan to issue its own digital currency any time soon, it has been doing research with other central banks on the topic.