Japan’s Central Bank spokesman says the country needs to prepare for the digital yen

Masayoshi Amamiya, Deputy Governor of the Bank of Japan, said the country should continue to explore the central bank digital currency (CBDC), even if it is not planned to be released soon..

According to Reuters, at a seminar in Tokyo today, he said that due to the rapid development of fintech, public demand for CBDCs in Japan could skyrocket. Therefore, it is very important for the country to form its own technological base..

Although Masayoshi Amamiya reported that the central bank has so far  does not plan to issue a digital yen due to potential fiscal policy risks and security challenges that require further study. However, he believes that the Bank of Japan should be ready to respond to the launch of Libra and the digital yuan.

Japan's Central Bank spokesman says the country needs to prepare for the digital yen

The announcement came just a couple of days after 70 MPs from the country’s ruling party announced their intention to invite the central bank to develop a digital yen..

Despite the call to set the stage for its own CBDC, Masayoshi Amamiya believes no central bank will refuse from cash to digital.

text: Ivan Malichenko, photo: Reuters

Japan's Central Bank spokesman says the country needs to prepare for the digital yen

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