The Japanese Central Bank Digital Currency- CBDC (Digital Yen) plans are going to be included in the upcoming economic and financial management policy of the Japan Government.
Reportedly, after the inclusion in the financial policy, the next stages for Japan’s Digital Yen would be considered by Japan’s Cabinet shortly.
Japan is next to China who is highly inspired by the CBDC concept and quite concerned as well, after seeing the mushrooming trends of cryptocurrencies and CBDC’s world over.
One of the biggest concerns for Japan is if Japanese Govt. won’t launch its own CBDC- Digital Yen then people would be influenced by the Chinese CBDC- Digital Yuan and probably it may hamper the sovereignty of Japanese yen.
As per the reports, Japan is figuring out ways to understand CBDC’s feasibility in the real nature and Bank of Japan (BOJ) is on the points of experimenting further to know the deep technicalities involved in launching Digital Yen.
The report while mentioning Japan’s plan on CBDC noted that the deliberation has been started and going to include in the country’s bold and base economic plan which is called Japan’s Honebuto Plan for Economic and Fiscal Revitalization.
Further, it is mentioned that Japan is thoughtful to collaborate with more nations from the US and Europe to start a full-scale discussion in regards to CBDC and to set the procedures for its implementation.
Earlier in Jan, the Bank of Japan (BOJ) kicked off joint research with the European Central Bank (ECB) and the other five global central banks.
Earlier KoinPost reported on Japan’s forthcoming plans on launching it’s CBDC-Digital Yen to counter China’s Digital Yuan plan.
Japanese officials are pretty serious on the CBDC concept and the senior ruling party legislator also indicated that Japan is planning to put Digital Yen proposal and its roadmap in the government’s mid-year key policy guidelines.
The upcoming launch “within two to three years” Kozo Yamamoto, the research commission’s head of Japan’s Liberal Democratic Party (LDP) banking and finance systems said.