Japan is Going to Mint E-currency
cryptocurrency rules at the G-20 summit, and their experience can be transferred to Japan. Leaders at the Bank of Japan (BOJ), Ministry of Finance (MOF), and Financial Services Agency (FSA) held a series of meetings to look into if a nation should be next on the list to accept a government-sanctioned e-currency.
Topics discussed include how the Japanese government, using the Central Bank’s Digital Currency (CBDC), will impact the global economy. Despite the increase in the number of cryptocurrencies, the US dollar continues to be a big fish of the world currency.
Japan used to be a big-ticket in cryptocurrency
As the mecca of cryptocurrency, Japan is often ahead of the world in using blockchain technology. The country’s economy could significantly benefit most from accepting an e-currency. Nevertheless, like other countries, it confronts the same challenges when it comes to such problems as, financial crime and money laundering, hence these currencies are becoming more common.
The last reunion to ascertain these problems took place in January. The key individuals were Rezo Khimino, FSA Vice Minister for International Affairs, Yoshiki Takeuchi, Vice Minister of Finance for International Affairs, and Shinichi Uchida, Bank of Japan Executive Director for International Affairs.
Generally, the Bank of Japan plans to prepare for issues related to the acceptance of the e-currency in Japan. Haruhiko Kuroda has already affirmed that in Japan there is no ultimate need for state-sanctioned e-currency, but nevertheless mentioned that it can occur when regulatory issues and risks are thoroughly checked:
“We promote research and rehearsal from a technical and legitimate point of view so we can make the major moves when there is an exigency”
Other countries are on track to accept the digital currency
Events worldwide can be feeding these deliberations. The People’s Bank of China has launched a short-term program to test operations with the digital yuan currency. Beijing has clarified that any digital currency in China will be the supplement for the yuan, not a replacement.
The European Central Bank, the Bank of England, and the central banks of Sweden, Canada, and Switzerland have clarified a joint study on e-currencies with the Bank for International Settlements. At the same time, the US Internal Revenue Service is ready to convene a cryptocurrency summit at the beginning of spring.