Japan intends to issue a digital yen in the next 2-3 years

The representative of the ruling party in Japan said the government plans to include the creation of a digital yen in the country's strategic development plan.

According to KozoYamamoto, head of the financial andThe banking systems of the Liberal Democratic Party of Japan, the development of stablecoin Libra Facebook and testing of the digital renminbi are pushing the country to launch its own digital currency. The corresponding proposal has already been prepared by deputies, and should be included in the government development program in mid-2020.

Kozo Yamamoto believes that the digital yen will help Japan not only compete on equal terms with other issuers, but also stabilize the economy during times of crisis by controlling foreign exchange flows.

Earlier, Deputy Governor of the Bank of Japan Masayoshi Amamiya also said that the country needs to prepare for the launch of its own CDBC.

Leader in the development of national digital currencyChina still remains, which is ready to test the performance of its currency. Central banks around the world are accelerating the pace of research in this direction.

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