Should Japan Launch its OWN Digital Currency?

More and more countries around the world are starting to get interested in central bank digital currencies. China is a big name in this and it seems that Japan is taking some influence from them as well. The leaders of the bank of Japan, Ministry of Finance and Financial Services Agency, have had several meetings which help determine whether the nation should become the next country which could start adopting digital currency backed by the government.

Such issues in question include how the Japanese government is helping to embrace a central digital currency and its impact on the global economy. Despite the several risks that are associated with many crypto platforms, the United States dollar is still to this day the de facto international currency.

Cryptocurrency is often associated with Japan because this is where it was born. When it comes to new technologies, the nation seems to be ahead of the game and with blockchain, it seems to be even further so. It’s a country that would surely benefit from adopting a digital currency like many other countries which are in the same boat, it is facing similar concerns over hacking and financial crimes though.

The latest meeting that talked about these problems was held last month. Some of those in attendance include the vice minister of finance for international affairs, FSA vice-minister for international affairs and the BOJ executive director for international affairs.

The Japanese central bank specifically started plans to pay for such issues which is why Japan is talking about digital currency. Haruhiko Kuroda, one of the governors in the nation, has previously said that there is no demand for a state-sanctioned cryptocurrency however, he can see the benefits. 

He further added:

“We are advancing research and study from the technical and legal perspectives so that we will be able to move in an appropriate way when there is a growing need.”

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