Cryptocurrencies

Japan Is Seriously Considering a Digital Yen: Report

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As allies and rivals move in on their central bank digital currency (CBDC) plans, Japan is now said to be seriously considering a digital yen.

  • The government is set to examine the possible launch of digital yen as part of this year’s policy agenda, the Nikkei reported Wednesday.
  • Senior lawmakers for the erstwhile cash-addicted country have been calling on the government to collaborate with its allies on a CBDC since early February.
  • The Bank of Japan already said this month it was experimenting with a CBDC but said there were no immediate plans to launch one.
  • Geopolitical rival China is close to launching its own CBDC; major companies are already in advanced discussions to test it as a new payment option.
  • The Bank of England’s governor said this week that the U.K. central bank was also seriously considering a CBDC.

See also: Japan’s Biggest Banks Are Talking About Building a Digital Payments System

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