(July 20): The Bank of Japan said on Monday it has created a new team to look more closely into central bank digital currencies, taking a cue from heightening demand for cashless payments and growing moves by its global peers to eye issuance of such currencies.

The team will follow up on the BOJ’s efforts so far on central bank digital currencies (CBDCs), including joint research it has been conducting with other major central banks since January.

The team will belong to the BOJ’s payment and settlement systems department, the BOJ said.