Japanese Official Emphasizes Need For Creation Of Digital Yen

According to a Reuters report, the Liberal Democratic Party (LDP)’s head of research commission on the finance and banking systems Kozo Yamamoto has said Japan needs to begin work on this as quickly as possible. Yamamoto wants the digital yen to be a reality sometime in the next few years.

A similar remark was earlier made by Akira Amari, Japan’s former economy minister. Amari had expressed concerns about China’s digital yuan and said that Japan needs to create its own central bank digital currency (CBDC) so it’s not left out.

In recent times, many central banks have announced at some point or another that they are working on a CBDC.

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