Japan will move forward in establishing CBDC no earlier than 2022
Japanese financial organizations expect a clearer picture of the development and future use of the digital yen in 2022.
Hideki Murai, the head of the Liberal Democratic Party, said that Japan will be able to formulate a clear action plan to create its stablecoin no earlier than the end of 2022. He said that the Central Bank of Japan is actively researching the main functions of the digital embodiment of the yen. First of all, the department intends to identify organizations that can act as agents amid the country's central bank and potential holders of the national token.
Murai also suggested that the work on the CBDC will surely spark a heated debate about the possible impact of the stablecoin on the already existing financial structures in the country. At the same time, the politician is convinced that an innovative asset can radically transform the Japanese financial industry if commercial banks become the leading agents for the digital yen.
During the conference, he also raised the issue of competition in the creation of a stablecoin with China, which has long started testing the digital yuan. Murai stressed that the relationship between the yen and the yuan will fundamentally change if the latter receives due attention from tourists and traders due to its convenience. Most likely, it was about the future Olympic Games in Beijing in 2022, during which guests of the Chinese capital will be offered to use the digital yuan to pay for various goods and services.
Today, Japan does not see the digital yuan as a direct rival to the dollar in the context of the status of the world reserve currency. But the country keeps its finger on the pulse, intending to keep up with its counterparts in the face of other central banks in the development of a national cryptocurrency.