Numerous countries are on the verge of creating their own digital currency, known as a CBDC. Japan may be increasing the pace at which its research and development takes place.
New rumors coming out of Tokyo paint a very interesting picture regarding the digital yen.
The Digital Yen Isn’t Dead yet
It appears that lawmakers will bring up the topic during the G7 meetings later this year.
In doing so, Japanese officials hope to get some regulatory rules in place in quick succession,
The new move comes at a time during which China is showing healthy aggression toward its own CBDC.
While the digital yen is not in development yet, having some framework in place is always beneficial.
One also has to keep in mind that Japan is unlikely to create a digital yen.
It is a country of innovation, especially in the financial sector, but this sort of measure doesn’t appear warranted as of yet.
There are also plenty of logistical and legal issues that need to be overcome before embarking on such a project.
With so many countries looking to do their own thing, however, a very uneasy situation is created.
Every government is finding itself under pressure to do better than neighboring countries and keep a competitive edge.