Japan needs to launch its digital currency in the next 2-3 years

Japan needs to create its own digital currency within 2 to 3 years. This was the call made by the headThe study group on the financial and banking systems of the ruling Liberal Democratic Party, Kozo Yamamoto, this Monday, writes Reuters.

Earlier, a similar point of view was expressed by the party members of Yamamoto, who are developing a plan for the release of the national digital currency.

"The sooner the better. We will prepare proposals for inclusion in the political leadership of the government and we hope that this will happen within 2-3 years ”“Said Yamamoto, adding that he will join other lawmakers who are going to promote this idea.”

Commenting on similar initiatives in other countries of the world, Yamamoto noted:

“If all countries can control cash flows through their own digital currencies, this can help prevent violent fluctuations during the crisis and stabilize their economies.”

The initiative of Japanese lawmakers is aimed at reducing the risks of state digital currencies, such as those developed by the People's Bank of China, and private ones, for example, Libra.

“We feel the digital yuan is challengingexisting global reserve system and monetary superiority. Without the US, we will not be able to resist the initiatives of China to change the existing reserve currency and the international payment system. "- said last week a member of the Liberal Democratic Party and Deputy Foreign Minister Norihiro Nakayama.

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