Japan is actively working on its version of national digital currency amid China's plan to digitalize the economy, Reuters reports.
Tokyo is reportedly worrying about the growing risk of Facebook’s Libra and China’s movement toward issuing digital yuan.
Parliamentary Vice-Minister for Foreign Affairs Norihiro Nakayama says that Japan's national cryptocurrency could be developed by joint efforts from the government and private companies. However, right now the country is in the early stages of developing the national digital currency and it's still weighing the risks.
"China is moving in the direction of issuing the digital renminbi, so we would like to propose measures to counter such attempts," he added.
Nakayama says a group of ruling party lawmakers led by the ex-economy minister Akira Amari will submit its proposal regarding the cryptocurrency next month already.
Earlier iHodl reported that the Central Bank of Japan (BOJ), the Bank of Japan, is conducting research on the possible issuance of a central bank digital currency (CBDC).
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