24 Jan Japan Legislators Work On Proposal For Crypto
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In a move that signals Tokyo’s concern regarding China’s effort to make a digital yuan, as well as Facebook’s Libra, a collection of ruling party legislators is crafting a proposal for Japan to create its own cryptocurrency. However, Japan is not likely to issue crypto in the near future because of the legal and technical obstacles, Reuters reported.
The move comes after a Bank of Japan decision to join with six other central banks to share knowledge on issuing digital currencies at a later time. Prime Minister Shinzo Abe told Parliament that the government would work with the bank in examining cryptocurrencies and finding ways to bolster the convenience of the yen as a means of settlement.
The crypto could be a joint effort between private firms and the government, which would help Japan tap into worldwide shifts in financial technology, as the Parliamentary Vice Minister for Foreign Affairs Norihiro Nakayama told Reuters.
“The first…
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