Rumors that Japan was preparing plans for a digital yen have been confirmed today. A senior ruling party lawmaker Kozo Yamamoto stated: “the sooner the better.”
Digital Yen to Counter Libra Threat
As part of a six-central-bank coalition including the UK, Sweden, and the EU, Japan appeared to be taking a slow but steady approach toward a state-backed digital currency.
However, it seems that the Japanese ruling party no longer wants to wait. Facebook’s push to counter nation-states’ control over money coupled with China’s progress on its digital RMB has planted the seed of panic in Japan.
This Monday, Yamamoto, who is head of research commission on finance and banking systems at the Liberal Democratic Party (LDP), confirmed that the threat from corporations like Facebook was too big to wait in the sidelines.
He stated unequivocally that Japan should create a digital yen and that this would happen:
within two to three years.
Japan’s Fears Over China Are Far Greater
Bitcoinist reported last week that the coalition had set a date for April to discuss how best to counter the rising threats from Facebook and China.
Japan also stated that it was waiting for input from the United States. Without help from the U.S., lawmakers said they would be unable to “counter China’s efforts to challenge the existing reserve currency and international settlement system.”
But today, Japan has stepped things up a gear. Yamamoto’s comment about Libra comes at a time when other lawmakers in the country are echoing his concerns.
Many top officials believe that if China’s digital currency goes unchecked, it will advance the county’s digital hegemony on the global stage. It could also serve to dethrone the dollar as the leading global currency.
“The sooner the better,” Yamamoto told Reuters:
We’ll draft proposals to be included in government’s policy guidelines, and hopefully make it happen in two-to-three years.
Technical and Legal Difficulties Will Slow Efforts Down
It has to be said, when it comes to the CBDC race, China certainly has the headstart. While no official timeline has been released for that, there has been plenty of speculation that it may even come out this year.
That won’t be the case for Japan. For as much as the country fears the progress made by both Libra and China, there are multiple technical and legal challenges on the path to its digital yen.
However, Japan remains somewhat optimistic that individual countries can avoid upcoming crises in their economies. Yamamoto said:
If each country manages to control flows of money with their own (digital) currencies, that could prevent a big swing at a time of crisis and stabilize their own economy.
Do you think China’s digital currency is a cause for concern? Add your thoughts below!
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Japan will launch a pilot programme in April to test the use of its version of the central bank digital currency (CBDC) known as the digital yen, its central bank said on Friday. The move comes after more than two years of proof-of-concept experiments by the BoJ around the digital yen.
Japan will launch a pilot programme in April to test the use of its version of the central bank digital currency (CBDC) known as the digital yen, its central bank said on Friday. The move comes after more than two years of proof-of-concept experiments by the BoJ around the digital yen.
While the U. S. ramps up discussions of a digital dollar and China’s central bank digital currency (CBDC) draws near, Japan’s CBDC, otherwise known as the digital yen, is getting closer to its realization as well.
News has surfaced that the Japanese Central Bank will now focus their efforts on the development of the digital Yen. This is a there is growing concern that China might beat them by issuing the CBDC first.
The East Asian superpowers are battling it out, this time with blockchain and digital currencies as a focus.
The post Coronavirus pushes Bitcoin-friendly Japan to begin “Digital Yen” trials appeared first on CryptoSlate.
Coinspeaker Japanese Lawmakers Pushing for Digital Yen to Counter Chinese Digital YuanJapanese lawmakers are pushing for the adoption of the new CBDC system and the development of the digital yen in the next three years in order to counter the failing fiat currency system.
Japan is actively discussing the launch of a digital version of its sovereign currency, the yen. The “digital yen” would be a joint initiative between the government and the private sector.
A group of Japanese lawmakers from the country’s ruling Liberal Democratic Party is planning on a proposal for Japan to issue a national digital currency, otherwise known as the digital yen. The need to develop a digital yen would seek to counter China’s digital yuan; meanwhile, more central banks across the globe are either studyingRead MoreRead More.
A group of Japanese lawmakers from the ruling party came forward with the proposal of Japan issuing its own digital currency. It seems China’s determination to create the digital yuan and Facebook’s Libra has alarmed Tokyo more than a little bit.
Japan has joined the list of countries looking forward to using Centrally Backed Digital Currency [CBDC]. A member of the ruling party in Japan, Liberal Democratic Party, on 24 January, told Reuters tThe post Now, Japan's lawmakers push for digital yen (to counter digital Yuan?) appeared first on AMBCrypto.
Japan may be the latest country whose central bank is looking to launch a sovereign digital currency. However, authorities in the country say there is no rush towards creating a digital Yen even as the CBDC wars appears to be gaining momentum.
Crypto exchange COSS adds fiat gateway - CryptoNinjas
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CoinSpeaker
Japan’s Mizuho Bank to Launch Its Own Stablecoin by March 2019
Mizuho is launching its new stablecoin pegged to the Japanese Yen in 1:1 ration that will promote the spread of cashless digital systems in the country.
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CryptoNinjas
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