The legislators of the ruling party in Japan, are working on a proposal for the country to issue its own digital currency national. The main reason for this is that Tokyo is beginning to feel the pressure by the Pound and the yuan China digital. This initiative presents a collaboration between the public and private sector. That is to say that the government would collaborate with some companies in the industry to upgrade to Japan in all aspects of the ecosystem cryptographic. On this topic, spoke Norihiro Nakayama, vice-minister, parliamentary of Foreign Affairs. He also serves as a key member within the group of 70 legislators that advocate for the proposal. “China is moving towards the issuance of yuan digital, we would like to propose measures to counteract such attempts”. He also explained that, to achieve this, “the first step would be to analyse the idea of issuing a yen digital”. It is expected that this group will present their full proposal to the government of Japan next month, according to what declared by Nakayama. It is important to clarify that the possibilities for Japan to issue digital currencies in the short term is quite low. The main reasons are the technical barriers and legal.
Is there a real interest in digital currencies?
Because of the attention that they are receiving the digital currencies thanks to the proposal of the legislators and, in general, their performance at the global level, in Japan they are saying the political circles important. They included the Prime Minister, Shizo Abe. He explained that the government will work with the Bank of Japan to study digital currencies, and find ways to improve the convenience of the yen as a means of settlement. And not only is the support they are receiving from the japanese government, but to have a digital currency national in these moments, it can make a country to become an actor more competitive in the market. This is considering that you are creating strong competitors for this sector. A clear example of this is China, that from several months ago is working to create its so-called “yuan digital”. Another actor that could represent a strong competitor for Japan, is a Pound, the digital currency sponsored by Facebook. Although last year was terrible for the project, everything seems to indicate that this year will display as a strong actor in the market. On the other hand, the Minister of Finance, Taro Aso, explained that it would be a “very serious problem” if the yuan digital gains popularity. Becoming a a popular means for international settlement, since Japan settled transactions mainly in dollars. It is not yet known if the proposal of the legislators in Japan will be heard and complied with by the central government. However, this type of initiatives show how much interest they are generating the digital currencies. The following two tabs change content below. I am a student of International Studies, interested in new technologies and their impact on the world. A true believer that tenacity is the foundation of success.