A group of legislators belonging to the ruling party of Japan are making a proposal to issue their own digital currency. This initiative, which can be done through cooperation between the government and private companies, will bring Japan in line with global changes in financial technology.
“The first step will be to consider the idea of digital yen issuance. China is looking forward to the issue of Digital Yuan, so we would like to propose a countermeasure to this effort by Beijing, ”said Japanese National Assembly official for foreign affairs, Norihiro. Nakayama spoke, according to Reuters on 24 January. Mr. Nakayama said that he would submit this proposal to the Government for consideration in early February 2020.
Although Japan is said to be unable to issue its digital currency early due to technical and legal obstacles, this move comes after the Bank of Japan (BOJ) decision to join with 6 Other central banks to share expertise in the future.
In another move, Japanese Prime Minister Shinzo Abe told parliament on January 24 that the government would work with the BOJ to research digital currencies and find ways to increase the convenience of the yen in the financial market. major and cyber.
In 2019, Facebook announced it would issue Libra digital currency, while Beijing also said it would launch a similar digital currency.
However, both of these cryptocurrencies are facing many reactions and concerns from international lawmakers about its negative impact on global trade such as support for smuggling and illegal trade.
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