RATE Group | Japan might be considering its own CBDC — digital yen
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Japan might be considering its own CBDC — digital yen

24 Jan Japan might be considering its own CBDC — digital yen

Posted at 14:38h in Cryptocurrency News by

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According to a new report published by Reuters, Japan might be the latest nation in line to consider launching its own digital currency. The CBDC (Central Bank Digital Currency) trend was kicked off by China back in 2019, a few months after Facebook announced its own upcoming stablecoin, Libra.

With Facebook and China both preparing their
own digital coins, many countries have started similar initiatives in order to
have a chance in the new, competitive field. If Japan is joining the race as
well, it is likely due to similar concerns.

As per Reuters, the confirmation that Japan is
looking into a possibility of ‘digital yen’ came from Norihiro Nakayama, the
country’s parliamentary vice-minister for foreign affairs. he said that having
its own digital currency would allow Japan to keep up to date with global
developments in the financial sector.

However, he added that the project might
require a collaboration between the private sector and the government.

Japan’s officials…

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