Many countries have taken an interest in digital currencies and are hoping to infuse the new technology into the system. To many countries, China is the biggest influential factor making others follow suit in its quest to ensure fast and affordable cross-border payments. China’s digital Yuan is a revolution in modern technology, and the country urges key players to accept and promote the coming currency.
Japan’s recent interest in the digital currency world is due to China’s dominant stance in that regard. Like many countries, Japan is still skeptical about blockchain technology and revealed that it would take steps to study the tech and eventually launch its currency by 2023.
Japan’s feasibility study to start by April
The country’s central bank explained that the needed study would take place around April next year. Through its announcement, Japan’s central bank reported that it is necessary to respond to various changes in a suitable manner.
Central Bank Digital Currencies are no longer unachievable, as a prominent country with impressive economies like Japan is considering integrating it. The competition between China and Japan, with each trying to outmatch each other in technological advancements and economy, is understandable as both are working on launching their official currencies.
Based on recent reports from the Japan Times, the country pays attention to its Asian neighbor, China’s progression in blockchain-based innovation. Hiromi Yamaoka, a retired executive from the bank of Japan, as a reply to numerous questions asked concerning the nation’s plans to explore CBDC, explained that China is the major influence for the adoption of CBCD in various nations.
He stated that the rate at which the Asian country adopted the technology is incredible since Central banks are thorough about adopting new systems to the traditional ones. Privately-owned currencies might spring up in a bid to foster easy adoption.
Other developed countries take steps on CBCDs
Japan is not the only country weighing its options with Blockchain. Swiss officials revealed earlier their plans of also conducting a study on CBCD to better understand the tech and create it in a way that will suit the citizens. Similarly, China is also taking steps to launch its digital currency.
The country is not slowing down, especially since the planning of its DC has been going on for several years in secrecy. The dominant economy might release its currency as early as 2021, being the first world-power to release its digital currency.
The European Union is also planning to make the digital Euro, promoting easy payments within the European region. Germany’s Finance Minister spoke on the digital Euro and explained that it is a good development, equally blasting the Libra team of planning to put up a privately-owned digital currency in Europe which doesn’t have a regulatory framework.
Canada and the Philippines have their CBCD in the planning phases. The Russian central bank, which recently spoke against SWIFT’s efficiency, revealed that it might launch its digital currency within the next five years. The apex bank announced that SWIFT is time-wasting and not cost-efficient like digital currencies.
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