A group of lawmakers from Japan's ruling Liberal Democratic Party is working on a proposal toissue of national digital currency. Deputies are concerned about the development of an electronic renminbi in China, reports Reuters.
According to the parliamentary deputy ministerForeign Minister Norihiro Nakayama, one of the key members of a group of more than 70 legislators, the digital currency could be a joint initiative of the government and private companies. This will enable Japan to keep pace with global changes in financial technology, he added.
«The first step is to explore the idea of issuing a digital yen. China is moving towards issuing a digital yuan, so we would like to propose measures to counter such attempts».- Nakayama said.
The head of the association, the party heavyweight and former Minister of Economics, Akiro Amari, said that the proposal to the government is planned to be submitted next month.
Earlier this week, it became known about the Bank of Japan's participation in the group for the study of digital currencies, which included six major central banks.
Earlier, the Bank of Japan categorically denied the possibility of issuing a national digital currency.
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