Japan’s CBDC plans to ‘speed up’ in the light of other countries ‘moving ahead’ with theirs

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Competitive Japanese politicians have called upon the country’s finance officials to ramp up efforts towards developing a digital currency.

Notably, of late, most nations have been ramping up their efforts toward developing their own digital fiat. Here, it is noteworthy that Japan has been an important country for cryptocurrencies. But it does not want to lose ground to China when it comes to the development of digital fiat.

As per reports, China’s proactiveness in developing, testing, and launching its CBDC has triggered many nations including Japan. China’s activities are being looked as a potential challenge to the global economic order. To beat the competition, the Japanese government has increased its staff to look into the legal and technical aspects of issuing a central bank digital currency [CBDC].

However, like most central banks around the world, the Bank of Japan [BoJ] has remained cautious in its approach until now. But with political pressure increasing it may have to move away from its concerned, gradual approach.

Takayuki Kobayashi, a minister overseeing economic security, a new role created under Prime Minister Fumio Kishida’s administration noted,

“We must think about what could happen to Japan’s national security if other countries move ahead on CBDC.”

He added,

“Japan must speed things up so it’s ready to issue a digital yen any time.”

Well, this was not the first time a government official in Japan realized the importance to stay ahead in the competition. Recently, SBI’s chief…

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