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Digital Yen Now 'Top Priority' for Japan Central Bank, Says Senior Official
The comments mark a shift in priority for Japan as it seeks to counter the economic threat from regional rival China.
As pressure mounts to catch up with rival China, a Bank of Japan (BoJ) official has said digital currencies are a "top priority."
STORY CONTINUES BELOW
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- Speaking to Japanese news outlet The Asahi Shimbun, Takeshi Kimura, departmental director-general, described the digital yen as a chief concern for the central bank.
- The BoJ has been experimenting with a central bank digital currency (CBDC) but has so far said there are no plans to launch one.
- The government said this month the launch of a digital yen would be considered as part of this year's legislative agenda.
- A proposal from the ruling Liberal Democratic Party in June said China's global lead in CBDC development could become a national security threat.
- Senior Japanese lawmakers have been calling on the government to step up research since February.
- The Philippine central bank has also commissioned research for a CBDC, Governor Benjamin Diokno confirmed Wednesday. Results will be due sometime next month.
See also: Bank of Japan Forms New Team to Explore Central Bank Digital Currency
Paddy Baker
Paddy Baker is a London-based cryptocurrency reporter. He was previously senior journalist at Crypto Briefing.
Paddy holds positions in BTC and ETH, as well as smaller amounts of LTC, ZIL, NEO, BNB and BSV.
