Reuters, with an article published a few hours ago, reports that the ruling party in Japan intends to propose the issue of a digital state currency; about 70 MPs from the majority party are promoters of the proposal for the launch of a digital Yen.
The reason is, according to Reuters reports, both to counter the effects of the possible issue of a currency like pounds (the cryptocurrency Facebook works on), and to keep Japan at the global forefront as far as fintech technology is concerned.
Norihiro Nakayama, deputy parliamentary minister for foreign affairs, told the news agency that:
China is moving towards the issue of digital yuan, so we would like to propose measures to counter these attempts
So the question here is not so much, or at least not only, the effect of the possible launch of pounds, as a private currency, but becomes a strictly geopolitical issue.
Again according to Reuters, the majority party group, led by the former Minister of Economy, Trade and Industry (Akira Amari), will submit the plan to the government next month; therefore it seems that Japanese politics intend to move in the direction contrary to the directives of the central bank, which a few months ago had declared that issuing a CBDC was not among the priorities of the country, arguing this belief by arguing that the elimination of physical money to benefit of a digital currency would have put a large part of the population in difficulty.
The idea of the promoters of the initiative, according to the rumors that are circulating, would be to create a hybrid currency, through collaboration between state entities and private companies.
In the current state of affairs, however, these are really only indiscretions since no document has been presented that describes the aforementioned proposal; in any case it is now clear that all the countries of the world are starting to evaluate the possibility of issuing CBDCs, despite the differences within the different institutions and parties, therefore, it seems to be only a matter of time before these instruments make their debut on the markets, forever changing the very concept of economic and monetary policy.
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