Last week, Sweden became the first to test Europe’s central bank digital currency (CBDC) in order to be an example for other developed economies. Now, Japan has joined the list of countries in exploring the central bank crypto assets.
Japan’s Central Bank and Finance Ministry have decided to consider a state-backed crypto asset and discuss the issues in relation to creating them. It is notable that China was almost the first country to launch its digital yuan.
“We are advancing research and study from the technical and legal perspectives so that we will be able to move in an appropriate way when there is a growing need.”
Haruhiko Kuroda, Bank of Japan Governor
Notably, the Ministry of Finance, the Bank of Japan, and the Financial Services Agency (FSA) met to discuss the potential for a Japanese CBDC, recently. The meeting brought together higher officials of the international affairs where they discussed about the effect of CBDCs on the currently highly dollarized global economy.
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