Japan authorities work on their national digital currency
Three agencies in the Asian country have discussed the possible economic impacts of issuing such currency
The Ministry of Finance, the Financial Services Agency and the Bank of Japan collaborate in a project to issue a national digital currency, as announced by The Block.
According to the published information, the three Japanese agencies are in permanent meetings with the objective of determining the possible economic impacts that could be generated by the issuance of a national digital currency by the country’s Central Bank.
Recently, the chancellor of the commission of financial investigations of the Liberal Democratic Party of Japan, Kozo Yamamoto, reported that the nation hopes to launch its digital yen in the next 2 or 3 years.
Financial authorities in international affairs pointed out: “We are making progress in research and study from technical and legal perspectives so that we can move appropriately when there is a growing need.”
The news came about the last celebration of the G20 meeting held in Saudi Arabia, in an event that brought together 19 countries that discussed the adoption of international regulatory frameworks for the use of digital currencies.