Countries across the world have now started actively pursuing blockchain technology and the cryptocurrency world. Some major powerhouses have looked at expanding their decentralized economy just so that they can compete with their rivals.
Japan has been an active participant in this race to global dominance and its government officials have taken it upon themselves to improve their stance in crypto and blockchain.
Discussions about a native cryptocurrency were doing the rounds in Japan for a couple of weeks now and today, the story got a bit more interesting. Senior lawmakers in Tokyo have claimed that Japan should create its own yen digital currency within the next three years. Apart from this, officials have urged the government to add the decentralized economy to the country’s policy guidelines.
This move was first put forth by a group of ruling party lawmakers led by Akira Amari, the former economy minister of the country and a party heavyweight. The official has been a driving force in bringing about radical changes int he country’s financial structure. He has also been responsible for Shinzo Abe’s famous ‘Abenomics’.
Kozo Yamamoto, the head of the research commission on the finance and banking systems the Liberal Democratic Party also had a few things to say about state-run crypto. He predicted that Japan would be successful in launching their own crypto even in the diverse political climate. Yamamoto made these comments as Facebook gets ready to launch its cryptocurrency, Libra. According to the LDP members:
“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.”
Japan’s cryptocurrency intentions have been clear for some time as central banks have taken up responsibilities to spruce up the nation’s fintech industry. This has also be modeled in a way to wade off the threats issued by China. The Red Dragon has become one of the biggest players in the cryptocurrency industry and Shinzo Abe’s government is out to beat that standard.
Central Bank Digital Currencies [CBDC] have become the norm in some nations because of its ability to integrate crypto as well as a fiat regulatory mindset. This has been one of the reasons why a central bank think tank will meet for the first time in mid-April to discuss CBDCs.
The meet-up will include important officials and executives from central banks of Canada, Europe, Sweden as well as Japan. The main aim of the gathering is to set a governance standard to handle the cryptocurrency field.