Japanese
Official Calls for Development of Digital Yen in 2-3 Years
Kozo Yamamoto, a senior
lawmaker from Japan’s ruling Liberal Democratic Party, called for the
development of a digital yen within 2-3 years to counter the digital currency
initiatives of Facebook’s Libra Association and China.
Yamamoto reportedly said a draft
proposal for the development of a digital currency is set to be included in
the Japanese government’s policy guidelines to speed up the process. 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.”
Yamamoto’s comments come
shortly after a group of Japanese lawmakers proposed the creation of the
digital yen over similar concerns. Yamamoto is reportedly going to work with
those lawmakers to push the government to adopt a digital currency proposal.
While the country is unlikely
to issue its own cryptocurrency in the near future because of the technical
challenges involved, the proposals show Japan is getting serious about
developing one. Various central banks throughout the world have started
looking into launching central bank digital currencies (CBDCs) with China’s
being the frontrunner, although not much is known about the project.
