Some politicians from Japan’s ruling Liberal Democratic Party (LDP) are planning to submit a proposal to the government next week that Japan should issue a digital yen and bring it as a theme to this year’s G7 summit to counter China’s near-ready digital yuan,media reported. It is understood that the group advocating the introduction of digital yen is led by Akira Amari, a former japanese economy minister.
Earlier, Federal Reserve Board member Lael Brainard revealed that the Fed was conducting research and experiments on distributed ledger technology and its use in digital currencies. Given the situation on the US side, Japan’s request to discuss the theme of digital currency at the G7 summit in the US in June would be excusable.
Most countries are still in the early stages of development on central bank digital currencies (CBDCs), so one should not expect to see the US or Japan release digital currencies in the near future.