March 29, 2024

Digital currency will be included in the plan for the development of the Japanese economy

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The Japanese government intends to include the central bank's national digital currency (CBDC) in its economic development plan.

Japan is one step closer to CBDC

Japanese authorities are actively exploring the possibilityincluding CBDC in the economic development plan. This was reported by the Nikkei publication, citing informed sources in the government. In January, the regulator began exploring the possibility of creating a national “cryptocurrency” based on distributed ledger technology together with five other central banks, as well as the European Central Bank. The government plans to support the Central Bank’s initiative and discuss the possibility of using CBDC with the USA and Europe.

In addition, the Bank of Japan intends to begin testing the technical aspects of CBDC and then move on to a detailed review of cooperation with each country.

Earlier this month, the Central Bank published a report ontechnical characteristics of CBDC and announced its readiness to begin testing CBDC. It is assumed that the tests will be of a practical nature, for example, the possibility of using digital money to pay offline, without an Internet connection.

Race for the leader

Back in March, the representativeLiberal Democratic Party Kozo Yamamoto called for the CBDC to be launched as soon as possible. According to the politician, if other countries introduce national cryptocurrencies before Japan, the yen "will lose its sovereignty."

"If Japan does not issue digital currency, and people around the world already use this form of money, everyone will forget about the Japanese yen, and it will lose its sovereignty."Yamamoto said then.

Let us recall that at the beginning of July the Bank of Japan announcedplans to begin testing CBDC to check how effective the use of digital currencies is at the government level. The regulator acknowledged that the national digital currency could become an alternative to the traditional yen, but for now the bank does not intend to issue any virtual assets.

Also, recently it became known that the governmentJapan will appoint Riozo Himino as the next head of the Financial Services Agency (FSA). Thus, for the first time in the history of Japan, an official with a positive attitude towards the cryptocurrency market will become the chairman of the financial regulator.

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