Japanese Government Wants to Accelerate CBDC Work Against China – Reuters

In Japan, the government wants to speed up the work on digital central bank currencies (CBDC) in the face of China’s developments.

of Reuters According to the news, the managers in the country; A possible CBDC to be developed in Japan legal and technical started to enlarge the teams working on its aspects.

According to the quoted Takayuki Kobayashi, “We have to consider how Japan’s national security will be affected if other countries take action on the CBDC.” made a statement.

Kobayashi took office as Minister of Economic Security after Prime Minister Fumio Kishida took office.

Minister of Economic Security, “digital new will be available at any time” stated that they should be in a situation and for this, studies on CBDC should be accelerated.

Although a final decision has not been made on whether an official digital currency will be issued in the country, cooperation between the Bank of Japan and the relevant ministries continues.

Unlike the Bank of China, which started the necessary studies for its national digital currency in 2014 and has held tests in many major cities since last year, the Bank of Japan will conduct its first concept study for the digital yen in April 2021. started.

According to statements based on a source said to be close to Prime Minister Kishida, Japan is also collaborating with the United States in digital currency research.

Image: Tokyo, Louie Martinez/Unsplash

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