Japan looks into central bank digital currency

The Bank of Japan will look into the potential of a digital currency, Reuters has reported.

In Brief:

• A new team has been created to investigate the potential.

• The Bank has been involved in joint research with other central banks since January.

• The team will be part of the payment and settlement systems department.

What does this mean?

Many bank are looking into the potential of digital currencies as cashless payment alternatives have become essential to everyday life.

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