Kazushige Kamiyama, head of government Cryptocurrency Research at the Bank of Japan, believes that the experience of other central banks should be taken into account to launch a digital yen.
According to Kamiyama, even if the People’s Bank of China (PBOC) is the first to issue its own digital currency, it will not dominate the world. He explained that other central banks are also actively conducting research and testing possible options for using state-owned stablecoins.
Different countries are making many efforts to improve their systems for settlements and payments. In addition, last week, the Vice Minister of Finance of Japan for International Affairs Kenji Okamura (Kenji Okamura) said that the Central Bank of China will not benefit much by becoming a “pioneer” in the issue of digital currency.
“We observe the achievements of central banks in this area and are ready to learn from them in order to adopt their accumulated experience. And not only in China, but also in other countries, because each central bank has its own discoveries and developments, ” Kamiyama said.
He added that if the Bank of Japan decides to launch its own cryptocurrency, it will be issued in a limited amount. The amount of digital currency that can be stored by each user should also be limited. This will prevent the flight of capital from commercial banks. However, Kamiyama noted that this is only one of the possible scenarios.
Recently, the governor of the Bank of Japan Haruhiko Kuroda (Haruhiko Kuroda) said that testing of the digital yen will begin in the spring of 2021, although last year he said that he did not see the prerequisites for the launch of the national digital currency.