Calls for a national digital currency are now being renewed in Japan. A lawmaker has said that the country needs to make deliberate and speedy efforts with the creation of a digital Yen.
According to a Reuters report, the Liberal Democratic Party (LDP)’s head of research commission on the finance and banking systems Kozo Yamamoto has said Japan needs to begin work on this as quickly as possible. Yamamoto wants the digital yen to be a reality sometime in the next few years.
Speaking to Reuters, he said:
“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.”
A similar remark was earlier made by Akira Amari, Japan’s former economy minister. Amari had expressed concerns about China’s digital yuan and said that Japan needs to create its own central bank digital currency (CBDC) so it’s not left out.
Yamamoto has now added that he is willing to collaborate with Amari to help the government with proposals that would be adopted.
In recent times, many central banks have announced at some point or another that they are working on a CBDC.
Kryptomoney recently reported that a board member of the US Federal Reserve said the institution was working on research into distributed ledger technologies (DLT) with a focus on a CBDC.
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