- Digital Yen cannot be overshadowed by China
- Japan to begin proof of concept in 2021
Top Japanese lawmakers appear to be not worried about the possibility of China’s digital yuan becoming the reserve asset recognized by the world as he believes that the Japanese Digital Yen would not be overshadowed.
An official of the Japanese government had given praises to the government whose Central Bank has begun the process of having a national digital currency for their citizens. He believes that with the ascendancy of all of this currency, it would be quite difficult for the government of one country to dominate others.
According to Reuters, Kenji Okamura, Japan’s Vice-finance minister, believes that Japan would be fast tracking its pursuit of a digital currency which in the long run could block China’s digital yuan from becoming the world’s reserve asset.
He further made it known that, though China has made a huge progress in its pursuit of the crypto asset, other countries are also making tangible progress in their pursuit, noting that the progress China has made might in the long run might not really count.
Okamura also made it known that Japan is paying very close attention to other countries that are working on a digital currency and looking to keep tabs on available information so as not to be left totally behind in their pursuit of the Digital Yen.
Japan Kicks Digital Yen Work Into Top Gear
Currently, Japan ranks as one of the countries in the world who is assiduously working on its digital currency. Japan had begun work on its Digital Yen in a bid to thwart the Chinese Digital Yuan currency from becoming too powerful.
The Bank of Japan had announced that it was ready to start a proof of concept on the Digital Yen currency as early as next year.
The Japanese currency is programmed to complement physical money and also to have online and offline features that will ensure that users (citizens) are able to continue its usage even cases of natural disasters.