Japan is gearing up to launch a digital currency in both the public and private sectors as it trails China, which is in the trial stage of launching its own.
- According to the Japan Times, the country's Digital Currency Forum aims to create “some form” of digital currency similar to Facebook’s Diem plan, by 2023.
- The group is preparing to conduct a feasibility study for its virtual currency in 2021.
- “China has prompted moves toward digital currency (around the world),” Hiromi Yamaoka, a former Bank of Japan official told the Japan Times.
- “It (China has done so at) surprising speed, as central banks tend to take a cautious stance,” added Yamaoka, who expects China to officially launch in 2022.
- China has been accelerating its push toward the adoption of a digital currency as the People’s Bank of China works with banks and commercial entities on public pilots to gauge user experience.
- In October, the People’s Bank of China launched a pilot program that provided digital yuan to citizens selected by lottery in Shenzhen, and in Suzhou earlier this month.
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