Introducing an expert panel: Japan expected to introduce digital yen

Reportedly, some people believe that traditional forms of payment are better than digital currency.

Going by sources, G42 cloud and R3 are digital finance service-providing platforms
Going by sources, G42 cloud and R3 are digital finance service-providing platforms

As reported by NHK, a Japanese news portal, in April, 2023, Japan’s finance ministry plans to create an expert team to discover the scope of launching a digital yen, stated Cointelegraph.

Sources revealed that the new panel would help to create a framework related to the central bank digital currency (CBDC). It’s also expected to include the studies conducted for the past two years by Bank of Japan (BOJ). Reportedly, the government wants to use the expert’s view to prepare for the scope of digital yen.

Experts believe the use of central bank digital currency (CBDC) might lead to the access of unwanted authority over financial transactions and these coins are not important. Moreover, some people believe in traditional forms of payment, Cointelegraph highlighted. 

As reported by Cointelegraph, despite the debate regarding the scope of using digital currencies over traditional ones, many countries have started shifting to digital currencies. Reportedly, the Central Bank of the United Arab Emirates (CBUAE) is making progress towards launching its digital dirham. Reportedly, on March 23, 2023, Central Bank of the United Arab Emirates (CBUAE) signed a pact with G42 cloud and R3 to implement digital dirham as a central bank digital currency (CBDC). Furthermore, digital dirham may help the United Arab Emirates to convert itself into a cashless society.  

(With insights from Cointelegraph)

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First published on: 31-03-2023 at 18:07 IST