Japan Will Soon Launch its Own Cryptocurrency

According to a new report, Japan might be the latest nation in line planning to launch its own cryptocurrency. The move comes after China’s announcement of digital yuan.

January 25, 2020, | AtoZ Markets – After Facebook announced its plans to release Libra, China began working harder on its state-backed cryptocurrency project known as the DCEP (digital currency electronic payment) and in the fall of last year announced that it would be released in the near future.

Currently, while several states are toying with the idea of launching their own crypto, China stands closest to actually release a digital version of the yuan.According to a report by Reuters, Japan has started moving in the same direction.

Japan’s proposal to issue its own cryptocurrency

The news agency has reported that lawmakers from the ruling party in the Japanese government are about to present a proposal that Japan should issue its own central bank digital currency (CBDC) – a digital version of the yen.

Reuters got this information from the parliamentary vice minister of foreign affairs, Norihiro Nakayama. He said:

“The first step would be to look into the idea of issuing a digital yen. China is moving toward issuing digital yuan, so we’d like to propose measures to counter such attempts.”

When will Japan issue its digital currency?

Japan unlikely to issue digital currency anytime soon. Of course, if it’s government-backed that will help allay some concerns Libra has faced. Libra is run by a select group of big tech companies that aren’t always known for being trusted.

Hence, we’re going to have to wait a little while longer to see how this one plays out. However, it’s clear that central bank digital currencies are on their way, whether we need them or not.

What do you think about Japan’s lawmakers working to create a state-issued cryptocurrency? Add your thoughts below.

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