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Digital yen becomes ‘top priority’ for Japan

digital yen

Takeshi Kimura, CEO of the Bank of Japan (BoJ) stressed the importance of the issuance and development of the digital yen

The Japanese government stressed that its upcoming central bank digital currency (CDBC) became the “top priority” of the economic agenda. Authorities see the new digital asset as a tool to boost economic growth following the crisis stemming from the COVID-19 pandemic.

In recent hours, the Bank of Japan (BoJ) appointed Kazushige Kamiyama to lead the team responsible for carrying out investigations on the subject. He is an economist with previous experience in the agency in using big data for real-time economic analysis, an effective tool in the first months of the pandemic.

For some months now –and especially since China stepped up the development of its digital yuan-Japanese lawmakers have been pushing the government to push for advances in its own digital asset.

The goal of the digital yen – according to the perspective of the Bank of Japan (BoJ) – is to ensure the financial inclusion of the Japanese, regardless of their economic status. In this regard, they have stressed the importance of protecting those who do not have smartphones, as well as providing emergency solutions for natural disasters.

In early July, the BoJ announced a proof of concept of the digital yen to observe its operation from a technical perspective. It is expected that in the short term the government will test the digital asset in a controlled environment before proceeding (or not) in its creation and official launch.

In addition, local media recently announced that the government will include consideration of the CBDC in the official economic plan. Progress in this area would be within the framework of the Honebuto plan for Economic and Fiscal revitalization.

Finally, it should be noted that the concern of the Asian country to move towards the digitalization of currencies also involves the United States. In recent days, Takaya Nakamura-executive of the Japanese crypto exchange Fisco-urged the United States to accelerate initiatives for a digital dollar, citing Japanese dependence on the US currency.

What do you think?

Written by S. Parmar

S. Parmar is a digital marketing and cryptocurrency enthusiast, who always learns and predicts new things. He has 4 years of experience in cryptocurrency.

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