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Japan Develops Digital Yen to Counter China’s Digital Yuan

Kozo Yamamoto, State Minister in charge of vitalizing local economies, remarked that Digital Yen should be implemented with 2-3 years, urging Japan’s government to accelerate the development. He also cited that the CBDC’s plan of creating digital currency should be included in the government’s mid-year key policy guidelines.

To counter the emergence of China’s Digital Yuan, Yamamoto urged the government to put the development of CBDC as a top priority. He further explained that new economies will easily approve digital currencies, and, China is becoming the front runner. He said:

“The sooner the better. We’ll draft proposals to be included in government’s policy guidelines, and hopefully, make it happen in two-to-three years. If each country manages to control flows of money with their own (digital) currencies, that could prevent a big swing at a time of crisis and stabilize their own economy.” 

Yamamoto also stated that CBDC may become widely used and even surpass US dollars. In the future, It might also stabilize new markets dependant on the US dollar such as Cambodia. Some time ago, Akira Amari, a former Minister of State for Economic and Fiscal Policy and a fellow member of Yamamoto’s party, expressed his wish to counter the arriving Digital Yuan with Japan’s own version of Central bank digital currency.

More Emphasis on Digital Currency Research

While China’s Digital Yuan is in the late stage of development and almost ready, Digital Yen still struggles with both legal and tech issues. The ruling party tried to advance Digital Yen during the annual G7 Meeting. In the future, the demand from citizens might also press the matter further, and Japan’s CBDC will be issued in response to financial development.

You may also want to read: Deutsche Bank: Chinese Digital Yuan May Replace US Dollar

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