The Japanese government is thinking seriously about issuing a new digital currency to be minted and controlled by its own Central Bank. The research started from Ministry of Finance and from Financial Services Agency and from Bank of the Japan she would also be the protagonist of a meeting.
Indeed, recently during a meeting of the ministers of the economy during the G20 in Saudi Arabia, according to the Japan Times it is possible that this new proposal has been evaluated by the Japanese government.
The Japanese authorities would have met several times, always to discuss the subject, and another meeting would have been held only in January last month with the FSA representative and the Shinichi Uchida of the Bank of Japan and the Deputy Minister Yoshiki Takeuchi.
The three would discuss the impact that could have the cryptocurrency which were issued by the Central Bank. Japan wants to be ready because the launch of digital currencies belonging to the state now seems mandatory.
La China in fact it is ready and has started a test phase of its own Central Bank Digital Currency. Furthermore, in the United States they are also considering the possibility of creating the Digital Dollar. In the meantime, Europe is also questioning the opening of a common stablecoin for the entire community that uses the Euro as national currency.
In this context therefore, which sees various international realities focused on cryptocurrencies, in Japan the financial authorities are evaluating the benefits and costs that could have a move of this type. On the one hand it is hypothesized use for cross-border payments creating a faster and cheaper system. Furthermore, on the other hand, there are fears that digital currencies could be used for criminal activities and for the money laundering.
Surely, this is a challenge for Japan, which, as such, entails some fears, but at the same time it seems a traced and almost obligatory path given what is happening in other countries as well. And not only that, given that the speed of technological innovations is very rapid, therefore, depending on the situation, demand for CDBC in Japan could undergo growth. So even if there is nothing concrete in the forecast, the government is investigating the situation.