Jul 1, 2022

The future of the digital yen will appear in 2022

Central Bank of Japan may issue Central Bank Digital Currency (CBDC) by the end of next year.

About this group leaderLiberal and democratic party on the cryptocurrency Xideki Murai. He believes that the country will form a clearer idea of ​​what to expect from the digital yen by 2022, according to Reuters.

The mistake said that a quick decision on the release of CBDC could not be:

“If the Bank of Japan issues CBDC, this will have a huge impact on the financial organizations and the system of payments in Japan. CBDC has the potential to completely change Japan's Finnish industry. "

It is also necessary to determine whether the digital menu will oust or hinder private business.

The Finnish branch of the country is already undergoing serious changes. This is due to the fact that retail traders can enter the market of commercially available banks, offering various services of online billing.

Murai added that if the CBDC will be configured in such a way that the banks will become key intermediaries, the initiative from the retail suppliers will go back to the bank.

In addition, the Bank of Japan must ensure that the digital yen is compatible with the CBDC of other developed countries. This is necessary in order for the asset to compete with the digital yuan of China.

Bank of Japan started the project with CBDC onlya few months ago. In March, the bank established a communications and coordination committee focused on the CBDC. In the April of this year, the first stage of experiments began, the second stage is planned for the next year.