According to local news reports, policymakers for Japan’s ruling Liberal Democratic Party put forward a proposal asking the government to prepare to issue a centralized digital currency. According to the report, lawmakers will be handing the proposal over to Prime Minister Shinzo Abe soon.
The Bank Of Japan establishes a team to research CBDC.
Earlier, the Bank of Japan revealed that it has established a team of researchers to study the issuing of a centralized digital currency in the country. Five other banks, including the Bank of Canada, Bank of England, European Central Bank, Sveriges Riksbank, and Swiss National Bank, are members of the Bank for International Settlements, which has established a group to share knowledge and research on CBDCs.
China to soon launch its national digital currency despite the ongoing global pandemic.
As reported earlier, China is looking to go ahead and launch its much anticipated national digital currency sometime this year. The People’s Bank of China is expected to launch it’s national digital currency sooner than expected. The central bank of China worked together with several large private companies to finish the developing process and is working on the proper legislation before the CBDC is released. After the coronavirus outbreak, the bank had halted its process of issuing CBDC.