The Japanese government is making some serious considerations for a digital yen/CBDC. This information was extracted from an announcement made by the bank of Japan 10 days ago.
According to Japanese news media, Nikkei, the government has officially raised a review of the central bank's digital currency (CBDC). It will be included in the basic policy of economic and financial management and reform that will be decided by the Cabinet shortly.
Earlier in the year, the Bank of Japan started joint research with the European Central Bank (ECB) and five other central banks. These governments work with the BOJ and begin full-scale discussions with the US and Europe.
It also appears that the Japanese government may be following the footsteps of China after the former began pilots of its CBDC. The position has been reinforced by a member of Japan's House of Representatives -Kozo Yamamoto. In an interview conducted by Cointelegraph Japan, he stated that the country needed to pace up the architecture for rolling out a digital yen, in other not to be left behind when there is a massive adoption of digital currencies by other nations.
This adjustment in the perception of how a digital yen would impact the economy is adjudged to be swift. As of July 2019, the bank of Japan did not indicate creating digital currencies. Perhaps the tidal wave of CBDC across the globe has impressed a change in the government. The bank of Japan would require the government's support and approval for the creation, pilot, and rollout of a digital yen.
Source: Cointelegraph
