Japan is creating its own Yen digital currency

Japan plans to create its own digital currency within two to three years and include a plan for government’s mid-year key policy guidelines, and a senior ruling party lawmaker said on Monday.

Kozo Yamamoto – Head of Research Commission on Financial and Banking Systems:

• He paid attention to the digital currency, because of Facebook’s pressure to launch the Libra crypto raising questions about how we will continue to control money.

“The sooner the better. We’ll draft proposals to be included in government’s policy guidelines, and hopefully make it happen in two-to-three years,” Yamamoto told Reuters.

Japan feels the pressure from China’s progress on their digital currency.

Around the world, banks are dealing with the issue of digital currencies, and China has become a pioneer in its efforts to create its own digitized money.

Source: REUTERS (TOKYO)