Announcement: It is not yet clear whether Japan will soon announce CBDCs that will rely on blockchain technology.

The Bank of Financial Institutions of Japan (BoJ) has been instrumental in improving the Central Bank's Digital Currency (CBDC) since July, according to a statement released today by Japantoday. Members in Japan want their digital assets to function efficiently in the event of a natural disaster, especially electricity, the statement said. The report notes that Japan's digital production has increased due to the coronavirus "slowing global production". The report also mentions other reasons why CBDCs are urgent, such as the threat posed by future CBDCs from China. With all the speculation in the report, it's not clear why BOJ staff suddenly realized the importance of creating digital money. Additionally, given scalability issues, it is not yet clear whether the e-yen will rely on Bitcoin's blockchain technology. Japanese police have yet to comment on the timing of the CBDC update in the report.