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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.