Japan is gearing up to launch a digital currency in both the public and private sectors as it trails China, which is in the trial stage of launching its own.
- The group is preparing to conduct a feasibility study for its virtual currency in 2021.
- “China has prompted moves toward digital currency (around the world),” Hiromi Yamaoka, a former Bank of Japan official, told the Japan Times.
- China has done so at "surprising speed" while "central banks tend to take a cautious stance,” added Yamaoka, who expects China to officially launch its digital yuan in 2022.
- China has been accelerating its push toward the adoption of a digital currency as the People’s Bank of China works with banks and commercial entities on public pilots to gauge user experience.
- In October the People’s Bank of China launched a pilot program that provided digital yuan to citizens selected by lottery in Shenzhen, and in Suzhou earlier this month.
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