Japan Explores Digital Yen – Facebook And China Boost Virtual Currencies

2019 was an excellent year for cryptos, and one of the most important goals that the crypto industry had and it’s still on is the mainstream adoption of the digital assets.

There have been a lot of moves made in this direction, and the crypto space is moving on the right path towards the achievements of this huge goal.

Entities such as Facebook aim to make crypto mainstream. Facebook has been working on its Libra project for quite a while now, regardless of the regulators and naysayers.

Most indicators suggest that Facebook’s Libra will be society’s most significant step to date towards the concept of processing day-to-day transactions with digital currency.

Anyway, you’re probably already aware by now that Facebook’s Libra is one of the most controversial projects that the crypto industry has seen lately.

There are a lot of supporters of the project, but others dropped support for Facebook’s plans.

Japan plans to issue its own digital currency

Lawmakers in Japan are drafting a plan that would allow the country to issue its very own digital currency.

Reuters reported that there’s a group of 70 Liberal Democratic Party lawmakers that are drafting a proposal to create Japan’s own virtual currency.

This is reported as a response to Facebook’s Libra and China’s efforts to issue a digital yuan.

Parliamentary Vice-Minister for Foreign Affairs Nohiro Nakayama stated the following:

“China is moving toward issuing digital yuan, so we’d like to propose measures to counter such attempts.”

The crypto could be a joint venture between the government and private firms

Nakayama said that the crypto could be a joint venture between the government and private companies.

The group is also planning to submit an official proposal next month.

It was also mentioned that the Bank of Japan joins five other central banks to initiate research on central bank digital currencies CBDCs.


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Andreas Townsend Author

I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.

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