Japanese Lawmakers Call for Development of Digital Yen
In an effort to counter China's upcoming digital Yuan, another Japanese lawmaker has publicly called for the urgent development of the digital Yen.
The leader of the banking and finance systems research commission at Japan's Liberal Democratic Party, Kozo Yamamoto, recently said that Japan should be creating a digital Yen in the next two or three years.
Reuters reported on February 10th that Yamamoto said plans for its central bank digital currency, often abbreviated to CBDC, should be included in the government's mid-year policy guidelines.
“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. [...] If each country manages to control flows of money with their own (digital) currencies, that could prevent a big swing at a time of crisis and stabilize their own economy.”
The remarks follow those of the former economy minister and ruling party member Akira Amari who also said that he wants to issue a CBDC to counter the digital Yuan China is developing.
It will certainly be interesting to see how this program could be developed, and if it will be developed at all. One thing is clear: Governments and leaders of nations are slowly starting to take notice of cryptocurrencies and their potentials.
What do you think of the Yen going digital? Let us know!