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Japan on the verge of national cryptocurrency?

Japan has joined the league of countries working on a Central Bank of Digital Currency (CBDC) for a national cryptocurrency. The apex bank in Japan, the Bank of Japan (BoJ) is set to unveil the country’s national cryptocurrency.

This development is coming as a result of several meetings and discussions by the country’s financial and monetary regulatory agencies on the development of having a Central Bank of Digital Currency (CBDC) in Japan. The national cryptocurrency is a joint project of the Bank of Japan (BoJ), the Ministry of Finance (MoF), and the Financial Services Agency (FSA).

Japan is at the forefront of digital money

Strengthening Japan’s presence with a national cryptocurrency

It is believed that the launch of a national cryptocurrency will establish the Asian country as a force in the crypto industry. This digital currency would give room for quick, secure, and cheap cross-border monetary transactions. The impact of a national cryptocurrency launch in Japan on the global market, which is centered on US dollars, is one of the significant research being carried out by the Japanese financial authorities.

It would be recalled that China has said it is advancing in progress about the launch of its digital currency. Hence, Japanese authorities believe that the country needs the input and support of the United States to favorably compete and counter the efforts being made by China in the global financial system. Read More