We See Your Move, Raise You Ours

We See Your Move, Raise You Ours

Crypto news Lifestyle Media
June 3, 2020 by Super System
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Bitcoin News

Japan Unfazed By Chinese CBDC

Bitcoin News

China continues to move with its plan to create a central bank digital currency. Several details have emerged about the secret digital yuan project currently in the pipeline. The fact that China is not holding back on its plan to create a digital currency has made other countries consider making theirs. 

Lots of countries are starting to worry about the general implications of China’s plan, and they are already taking proactive actions. 

In the past month or so, a sizeable number of Japanese lawmakers have voiced their support for a central bank digital currency by the Bank of Japan. The consensus is to create a digital currency that will rival the digital yuan, and thus prevent a seismic disruption of the global economy. 

According to experts, the development of a Japanese CBDC might take up to three years. So it begs the question, “Will it be too late to cause a challenge to digital yuan?”

CBDC and The Bank Of Japan 

The relationship between CBDC and the Bank of Japan can be traced to 2018 when the Bank’s Deputy Governor first addressed the topic. Although he was a bit apprehensive about the general idea of CBDCS, Masayoshi Amamiya didn’t rule out the possibility of the country creating their own crypto. 

Amamiya argued that issuing a CBDC would hurt the already established financial system in place. He cited the fact customers would abandon private banks and focus on opening accounts with central banks. 

“The issuance of central bank digital currencies for general use could be analogous to allowing households and firms to have accounts in the central bank directly. This may have a large impact on the aforementioned two-tiered currency system and private banks’ financial intermediation.”

Even though Amamiya later reiterated his statement, it didn’t stop the Bank from putting plans in place to create their own CBDC when the time is right. 

 


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