Head of the Study Committee on Banking and Financial Systems from the Liberal Democratic PartyKozo Yamamoto said that Japan needs to issue a digital yen in the next 2-3 years. It is reported by Reuters.
According to him, the plans of the central bank to createDigital Currency (CBDC) should be a key element of government policy by mid-year. Yamamoto is confident that CBDCs can grow rapidly in developing countries, as well as help China, which is actively working on the digital renminbi.
The MP believes that the Japanese CBDC should be developed quickly:
"The sooner the better. We will prepare proposals for their inclusion in the main directions of state policy and we hope that this will happen in the next two to three years. If each state manages to control cash flows using its own CBDC, this can prevent excessive fluctuations in times of crisis and stabilize the economies of countries ”
Recall, recently, representatives of the Bank of Japan announced their readiness to consider the possibility of issuing their own CBDC.