Japanese Official Calls for Development of Digital Yen in Two-To-Three Years

Japanese Official Calls for Development of Digital Yen in ‘Two-To-Three Years

Kozo Yamamoto, a senior lawmaker from Japan’s ruling Liberal Democratic Party,

has called for the development of a digital yen within “two-to-three years” to counter the digital currency initiatives of China and Facebook. According to Reuters, Yamamoto commented a draft proposal for the development of the government’s digital currency will be included in the government’s policy guidelines.

He was quoted as saying:

The sooner the better. We’ll draft proposals to be included in government’s policy guidelines, and hopefully make it happen in two-to-three years.

The lawmaker’s proposal comes shortly after a group of Japanese lawmakers proposed the creation of a digital yen over concerns surrounding the Libra stablecoin and China’s digital currency initiative. Speaking to Reuters, Yamamoto revealed he will be working with the lawmakers, led by ruling party heavyweight and former economy minister Akira Amari, to push the government to adopt their proposals.

The news outlet notes that Japan is unlikely to issue its own digital currency in the near future over the technical and regulatory challenges associated with the move. The proposals, however, show Japan wants to curb the potential influence China’s digital currency and the Libra cryptocurrency may have. Japan’s central bank has been participating in initiatives to research central bank digital currencies (CBDCs) and their potential impact. As reported, it recently joined hands with the central banks of the European Union, Canada, England, Sweden, and Switzerland to explore digital currencies. These digital currencies, Yamamoto said, could help stabilize emerging markets that rely heavily on currencies like the U.S. dollar.

He 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.

Article Produced By
Francisco Memoria

Francisco is a cryptocurrency writer who's in love with technology and focuses on helping people see the value digital currencies have. His work has been published in numerous reputable industry publications. Francisco holds various cryptocurrencies

https://www.cryptoglobe.com/latest/2020/02/japanese-official-calls-for-development-of-digital-yen-in-two-to-three-years/

 

 

Related articles

Amazon Web Services Launches Managed Blockchain Service

Amazon Web Services Launches Managed Blockchain Service              Amazon Web Services (AWS), the cloud computing platform subsidiary of retail giant Amazon, has made its Amazon Managed Blockchain (AMB) generally available, according to an announcement on April 30. The product will purportedly allow customers to set up blockchain networks within their organizations, and uses the Ethereum […]

Learn More

Was This The Trigger For Bitcoin’s Dump? 3600 BTC Huge Sell-Off Order On BitStamp

Was This The Trigger For Bitcoin’s Dump? 3600 BTC Huge Sell-Off Order On BitStamp                                  Cryptocurrencies today are down by as much as 15% in a crash that could be fueled by a ‘whale’ selling over 3,600 BTC on Bitstamp. All the major cryptocurrencies are down at the moment, with […]

Learn More

The CIA Secretly Owned Crypto AG Did They Secretly Create Bitcoin? Opinion

The CIA Secretly Owned Crypto AG, Did They Secretly Create Bitcoin? (Opinion) “It was the intelligence coup of the century.” That’s the assessment of the CIA in a classified report obtained earlier this month by an investigation of the Washington Post. The Post made stunning revelations in a report headlined, “How the CIA used Crypto […]

Learn More

Leave a Reply

Your email address will not be published. Required fields are marked *