The leading Liberal-Democratic Party of Japan asked the government to issue a digital currency “as quickly as possible”, otherwise, the country is in danger of falling behind other states, including China.
According to the Japan Times, the party, which had recently elected her leader and prime minister of the country, Yoshihide Suga, is going to release a report by the end of the year, which highlights the necessity “to develop an all-inclusive law, providing economic security for the entire community, including the private sector. ”
In this way, an attempt will be made to create a law that will “introduce the digital currency of the central bank as soon as possible and will simplify its use, thanks to the close collaboration with the western countries.”
It is known that the report also recommends that Tokyo gives priority attention to the work on the so-called “6G” technology for the creation of the world’s first 6G products and “making them an international standard.”
The party has 113 out of 245 places in the parliament and is currently in a coalition with the party Komeito, which has 28 places. Therefore, if the ruling party is to cast the desired law, it will not be a problem to achieve success.
The Central Bank of Japan, as well as its colleges in the South Korea from the Bank of Korea, up to now, have refused to take on themselves the obligation to issue a digital currency, in spite of the active discussion of pilot projects, legal checks and technical and economic tests in both countries.
Now both Tokyo and Seoul are now worried by the fact, that China’s fast-paced digital yuan project will allow their eastern associate to take the lead in that range of technology and especially in the use of the digital yuan in international trade transactions.
