TL; DR Breakdown
- Japan urged to intensify the development of its CBDC
- Bank of Japan intensifies research
- Government officials continue to mount pressure on BOJ
Countries across the world are presently ramping up preparations to create their respective central bank-backed digital currency. Although some countries have launched their CBDC, China still leads in top countries hoping to list the currency. With China and other countries still in the lead, Japan has been urged to intensify its approach towards making its CBDC. According to the report, politicians have urged the finance officers to make haste and debut its digital currency like most countries.
BOJ intensifies research into its CBDC
Japan has been integral in the adoption of digital assets over the years, and the politicians do not want to lose this status. According to many reports, China is still testing as its CBDC is continually being tested across the country. Recently, it inked several partnerships with brands to intensify the testing in major cities. In its race to outpace China, Japan has bolstered its financial officer, which is tasked with researching every aspect concerning digital currencies. Despite its lengthy move to develop its CBDC, the Bank of Japan has preferred to attack it with caution. But with the increased pressure from the top echelons in the country, the bank might be forced to consider a new and aggressive approach.
Government officials continue to mount pressure on BOJ
In a statement by the prime minister, Takayuki Kobayashi, the country must first consider the security implications before going neck-deep into creating its CBDC. He also noted that for the digital yen to be available as soon as possible, the BOJ must work overtime. Also, this is not the first time that officials will be clamoring for a move above the opposition. In a recent statement from Yoshitaka Kitao, an executive of the SBI, he notes that China has leapfrogged all other countries and continents and continues to stay ahead in terms of the CBDC.
He also mentioned that things could change in the future as other countries too have their hands on deck to create their CBDC. Although the digital yen is also in the works, the BOJ does not have it in kind to launch it on the nearest date. He also admitted that he foresees growth in both the crypto sector in the future. Japan has suspended its war against digital assets as it continues to ramp up preparations to stay ahead of China.