The Bank of Japan on Monday revealed that it has set up a new division to accelerate the study of digital currency issuance, reported Mainichi. The research study division would now comprise of 10 individuals headed by Akio Okun, one of the seniors of the Payment and Settlement Systems Department under which the new division would function. The research division would also take over from the digital currency research team set up in February.

The new digital currency research division would also look over the joint studies conducted in association with the European Central Bank and the Bank of England. The collaboration among Bank of Japan, European Central Bank and Bank of England would look into the feasibility of central bank-issued digital currencies.

Bank of Japan says they are in no hurry to launch a digital currency, but first, they want to study all aspects of it and how it would prove superior to the existing systems, and only then would they look forward to developing one.

Japan being a fintech hub and one of the most crypto-friendly and early adopters of regulation, does not want to keep behind the digital currency race. Thus the focus has shifted towards creating a central bank-issued digital currency. The research study on digital currencies is not just limited to the government, with private sector megabanks such as Mizuho Bank, MUFG Bank, and Sumitomo Mitsui Banking Corp and private firms such as East Japan Railway Co. and KDDI Corp have set up a consortium in June to study about interoperable electronic money and digital currency.

China, which is known for its massive workforce and technologically inclined citizens, started their digital currency almost five years ago. As of today, they are already testing it in different government departments and expanding its pilot programs to include various sectors. Looking at China’s rapid growth and rising interest in blockchain and central bank-issued digital currencies, many other countries have accelerated their efforts to develop their native digital currency.

It would be interesting to see which other nation after China succeeds in launching a successful digital currency of their own.

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