Digital Yen Now 'Top Priority' for Japan Central Bank, Says Senior Official

The comments mark a shift in priority for Japan as it seeks to counter the economic threat from regional rival China.

Jul 29, 2020 at 11:32 a.m. UTC
Updated Sep 14, 2021 at 9:37 a.m. UTC

As pressure mounts to catch up with rival China, a Bank of Japan (BoJ) official has said digital currencies are a "top priority."

  • Speaking to Japanese news outlet The Asahi Shimbun, Takeshi Kimura, departmental director-general, described the digital yen as a chief concern for the central bank.
  • The BoJ has been experimenting with a central bank digital currency (CBDC) but has so far said there are no plans to launch one.
  • The government said this month the launch of a digital yen would be considered as part of this year's legislative agenda.
  • A proposal from the ruling Liberal Democratic Party in June said China's global lead in CBDC development could become a national security threat.
  • Senior Japanese lawmakers have been calling on the government to step up research since February.
  • The Philippine central bank has also commissioned research for a CBDC, Governor Benjamin Diokno confirmed Wednesday. Results will be due sometime next month.
The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

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.

Trending

1
CoinDesk - Unknown
Jae Kwon Returns to ‘NewTendermint’ to Battle for the Soul of Cosmos

Ignite, which rebranded from Tendermint in February, will split into two entities: Ignite and NewTendermint.

Ignite, which rebranded from Tendermint in February, will split into two entities: Ignite and NewTendermint.

CoinDesk - Unknown
2
CoinDesk - Unknown
Crypto Whales Ditched Tether for USDC After Stablecoin Panic

The UST failure prompted large investors on the Ethereum blockchain to leave USDT for the perceived safety of its biggest competitor.

The UST failure prompted large investors on the Ethereum blockchain to leave USDT for the perceived safety of its biggest competitor.

CoinDesk - Unknown
3
CoinDesk - Unknown
FTX’s Bankman-Fried Pitches CFTC on Directly Clearing Customers’ Crypto Swaps

The crypto exchange’s founder and CEO made his case at a Washington, D.C., roundtable, while mainstream derivatives firms painted his ideas as dangerous.

The crypto exchange’s founder and CEO made his case at a Washington, D.C., roundtable, while mainstream derivatives firms painted his ideas as dangerous.

CoinDesk - Unknown
4
CoinDesk - Unknown
Terra lanzaría su snapshot esta semana: cómo serán distribuidos los 'nuevos' LUNA

El suministro de tokens en la nueva blockchain será de poco más de $116 millones, dijeron los desarrolladores.

El suministro de tokens en la nueva blockchain será de poco más de $116 millones, dijeron los desarrolladores.

CoinDesk - Unknown