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Japan Gearing Up to Launch Its Own Digital Currency: Report
The group is preparing to conduct a feasibility study for its virtual currency in 2021.
Japan is gearing up to launch a digital currency in both the public and private sectors as it trails China, which is in the trial stage of launching its own.
STORY CONTINUES BELOW
- According to the Japan Times, the country's Digital Currency Forum aims to create “some form” of digital currency similar to Facebook’s diem plan, by 2023.
- The group is preparing to conduct a feasibility study for its virtual currency in 2021.
- “China has prompted moves toward digital currency (around the world),” Hiromi Yamaoka, a former Bank of Japan official, told the Japan Times.
- China has done so at "surprising speed" while "central banks tend to take a cautious stance,” added Yamaoka, who expects China to officially launch its digital yuan in 2022.
- China has been accelerating its push toward the adoption of a digital currency as the People’s Bank of China works with banks and commercial entities on public pilots to gauge user experience.
- In October the People’s Bank of China launched a pilot program that provided digital yuan to citizens selected by lottery in Shenzhen, and in Suzhou earlier this month.
Read more: Digital Yen Would Make Crypto Markets ‘More Lively,’ Says CEO of Monex Group
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
