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Digital Yen: Market Launch In Japan In April

Ren Garcia by Ren Garcia
28 February 2023
in Cryptocurrency
Reading Time: 2 mins read
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Digital Yen: Market Launch In Japan In April

In Japan, which is considered a stronghold of technology, digital currencies have been discussed for a long time. In the country where digitalization has entered all spheres of life, there is an interesting group that is against the digitalization of currencies. Nevertheless, with the decision of the majority, the studies on digital yen currencies have been accelerated. 

This Topic Has Been Discussed For A Long Time

This topic has been discussed in Japan for about 7 years, and surveys have been conducted continuously. After more than two years of preparations, the Bank of Japan will launch a pilot program for issuing digital yen in April.

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In April, the Bank of Japan (BoJ) will pilot the digital yen version of the central bank digital currency (CBDC).

Digital Yen: Market Launch In Japan In April

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The Number Of Competitors Is Quite High

Traditional Japanese believe that such a change would not be good for their country. They also believe that money that is no longer under their control will lead to a very problematic atmosphere in the country. 

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There is a very strong authority in Japan that does not want the currency, technological and military products, as well as powerful infrastructures to go outside the country. At the same time, it is possible to determine the results of political elections under the control of these people.

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A More Moderate Team on the Way for Digital Yen

The BoJ is also preparing for a change at the top of the bank. Current bank president Haruhiko Kuroda’s second five-year term ends in April and he is expected to be replaced by Kazuo Ueda. It is emphasized that the new team will be more moderate towards digital yen and crypto assets in the future. We will wait and see this together.

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Ren Garcia

Ren Garcia

I am a personal finance reporter and markets reporter at Los Angeles/USA today. I graduated from San Jose State University, where I double majored in Business Administration and International Business. My passion is to create personal finance content that's empathetic and speaks my reader's language. I share the advice I wish someone had shared with me a long time ago. I want my reader to find my words when they're most needed and be able to make a better informed financial decision because of something I've written. That's what keeps me going. Currently, I’am an author in different news channels as a financial journalist, simultaneously I am trying to gain new competencies in the subjects that I am interested in such as Venture Capital, Startups, FinTech, Payment methods and International banking.

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