Japan presents a strategy for creating a national cryptocurrency

About 70 Japanese lawmakers from the ruling Liberal Democratic Party are preparing to present detailstheir national digital currency plan on Friday.

Party member and deputy foreign minister Norihiro Nakayama told Bloomberg today that Japan will need the help of the US Federal Reserve to assess the potential impact of China’s future digital currency.

“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. "He said, adding that the digital yuan hashigh chances of becoming the "standard" in the digitalization of the Chinese economy. China currently owns the second largest economy in the world in terms of GDP.

For the first time, Japanese authorities, who had previously rejected the idea of ​​a national digital currency, announced their work in this direction in January.

“China is approaching to launch a digital yuan, so we would like to propose measures to counter such attempts.”- said Nakayama then.

The legislator specifies: any voiced plans do not yet mean that Japan will be ready to convert its national currency into digital form in the near future. This is due to technical and legal reasons.

Earlier, the head of the Central Bank of Sweden Stefan Ingves expressedThe opinion that the central banks also revised their attitude to digital currencies was also made last year by Facebook's initiative to launch the stablecoin Libra.

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