Japan’s official noted that there is a huge need to boost the development work on the digital yen.
China was the first country to launch its own Central Bank Digital Currency (CBDCs), or e-CNY or Digital Yuan. China is doing its best to introduce the Digital Yuan at high-level use cases. Authorities are bringing new initiatives and ideas so that people can use Chinese CBDCs as much as possible. Besides this, there are many countries, which are still working on the development and research on CBDCs.
In the latest, Takayuki Kobayashi, economic security minister, said that Japan needed to boost up its development work on the CBDCs, so that Japan may launch its Digital Yen anytime in the future.
And further asserted that faster development and adoption of the CBDCs is necessary from the point of view of National security.
Takayuki is worried that, if other countries will get high-level advancement in their CBDCs development then it will risk the economy of Japan, so Japan needs to develop CBDCs fast, after China.
Entry of Japan CBDCs
Japan hinted about the development and experiment in the CBDCs technology for the first time in April of this year.
And according to reports, Japan is not lagging in this development work because there are many countries’ Central Banks, which are doing their work in the CBDCs development, but still are not ready to launch.
A few weeks ago, the Central Bank of Nigeria released its own CBDCs, e-Naira, after a month-long delay because of independence day.
However in this present time, e-Naira is in its initial phase to ensure the security and potential of transactions but still, there are many experts, who claim that Nigerian CBDCs do not have the much better ability and also have not a much better framework to implement, which can push people to use it.
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