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Japan's financial industry investigates the Digital Yen for Next Year's Project

By Kenny S. - Cryptocurrency Speculator - 05-07-2021

With the succession of the digital yuan project in China, Japan sees a bright future for its digitalised national currency, the yen. 

An official in the financial industry stated that the crypto to fiat coin, the digital yen, should be compatible with other Central Bank Digital Currencies (CBDC). The country's central bank gives the nation a digital currency similar to a stablecoin if you invest in cryptocurrency.

Reportedly, Hideki Murai, a ruling party official, talked about how Japan will have greater clarity on the digitalised national currency within the following year.

Murai stated that the Bank of Japan (BoJ) is defining the digital yen's critical functions. An example of the digital currency's essential functions is putting in entities that act as a mediator between the central bank and its deposit holders. The main difference between digital and cryptocurrencies is that CBDCs are regulated and held in banks without users needing a complex crypto coin storage such as a crypto wallet app. 

It's reported that Murai goes on to say how the Bank of Japan has no plans to make this project a quick decision. Murai has said that he wants to avoid issuing the coin too early and avoid hastily deciding whether to produce the coin by starting the second phase CBDC testing.

The official, however, wanted to avoid discussing more information on the digital yen to avoid debates about how the CBDC will affect the larger financial companies.

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