A spokesman for Japan’s ruling party says the government plans to include the creation of the digital yen in the country’s strategic development plan.
According to Kozo Yamamoto, head of the Liberal Democratic Party’s Financial and Banking Systems Commission, Facebook’s Libra stablecoin development and digital yuan testing is pushing the country to launch its own digital currency. The corresponding proposal has already been prepared by the deputies, and should be included in the government development program in mid-2020.
Kozo Yamamoto believes that the digital yen will help Japan not only compete on equal terms with other issuers, but also stabilize the economy in times of crisis by controlling currency flows.
Earlier, Deputy Governor of the Bank of Japan Masayoshi Amamiya also said that the country needs to prepare to launch its own CDBC.
The leader in the development of the national digital currency is still there remains China, which is already ready for verification the performance of your currency. Central banks around the world are accelerating the pace of research in this direction.
text: Ivan Malichenko, photo: buzzfeed