Japan government official says must swiftly revise laws to allow the BOJ to issue a digital currency

Author: Eamonn Sheridan | Category: Cryptocurrency

Kozo Yamamoto is head of the Liberal Democratic Party's council on financial affairs.

Said yesterday he would ask the government and relevant agencies to speed up efforts to draft a revised BOJ law and other necessary legislation for issuing central bank digital currencies (CBDC)
  • doing so could provide a chance to reform the Bank of Japan's existing mandates and enshrine its inflation target
  • said the BOJ risked being overtaken by private players who could launch their own digital currencies that could undermine the yen.
  •  "If something too convenient pops up from the private sector, people might start to doubt whether they need yen as a currency unit. We must prevent this from happening," he said. "This is fundamentally about protecting Japan's currency sovereignty."
Info via Japanese media. 

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