Kozo Yamamoto, head of the research commission on banking at Japan’s Liberal Democratic Party, has urged the government to issue digital yen soon.
Earlier, the lawmaker said the mid-year policy guidelines should include the government’s proposals for a central bank digital currency (CBDC).
Yamamoto said digital currencies could spread rapidly in emerging countries and help China boost its digital supremacy.
Thus, the official called for the rapid launch of the digital yen. He said:
“The sooner the better. We’ll draft proposals to be included in government’s policy guidelines. We hope the government to issue it in two-to-three years.”
Yamamoto’s remarks came after Akira Amari, former minister of economy, urged the government to issue CBDC soon to counter the proposed digital yuan.
Cryptolydian earlier reported that a group of legislators in Japan are preparing a bill to launch a digital currency.
In addition, a legislator said the move followed Facebook’s decision to launch its cryptocurrency Libra and China’s plan to issue its digital yuan.
Norihio Nakayama, member of the Democratic Party, said:
“China is moving toward issuing digital yuan, so we’d like to propose measures to counter such attempts.”
With the ongoing trade war between the biggest two economies of the world, the US and China are racing to arm to the teeth with state-of-the-art technology.
While blockchain technology is spreading its wings in every sector, the rivalry between the two giants extended to the crypto realm.
China May start experimentation of digital Yuan in 2020
Moreover, China will likely begin public experimentation of its first digital cryptocurrency in 2020.
The plans for digital currency/electronic payments (DC/EP) have witnessed significant developments over the last few years. In addition, the Chinese government started censoring news about its upcoming cryptocurrency to release it in the near term.