It is turning out that the government is officially considering raising a review of the central bank’s digital currency (CBDC). The digital currency will be included in the basic policy of economic and financial management and reform that will be decided by the cabinet shortly.
In January, the bank of japan started joint research with the European central bank (ECB) and other five overseas central banks. The government will also keep in line with the BOJ and begin full-scale discussions with the US and Europe.
After getting associated with CBCD, china begins tests. Japan has seen a positive attitude towards launching the digital version of Yen. According to the latest reports, the governments of japan is considering to include this plan in their coming year’s economic plan.
The news came live right after when the central bank announced that they are experimenting to up bring digital Yen. Adding that, governments also wish to include this scheme to the Honebuto plan. The authorities also have mentioned that they are in discussion with other countries to execute this plan.
The revolution of Digital currency and Japan’s CBDC
The plan to digitalize every currency is a hot topic nowadays. After china put a step forward to digitalize its Yuan, japan is also accelerating its plan to execute shortly. Back in March, the LPD member and former representative of the Ministry of Finance commented that Japan is making progress in every field with other countries. He said:
If Japan doesn’t issue a digital currency and people in the world use other digital currencies, the Japanese yen will be forgotten and lose its sovereignty
It was also reported by the bank of Japan that they are experimenting with the CBDC but there are no official planed and execution dates to launch the plan. On the other hand, there is also a debate that whether japan should implement CBD. Some are in favor of this approach while others think that for now, Japan does not need it. Al last the final judgment lies in Japanese government hands and they are the ones to decide the fate of CBDC.