High-level Japanese officials have urged that work around the country’s Central Bank Digital Currency (CBDC) should be expedited in response to credible measures by other superpower countries in Asia and Europe to roll out a CBDC of their own.
Japan’s Minister of Economic Security Takayuki Kobayashi believed its an issue of national concern.
“We must think about what could happen to Japan’s national security if other countries move ahead on CBDC,” Takayuki Kobayashi told Reuters on Wednesday. “Japan must speed things up, so it’s ready to issue a digital yen any time.”
China is known for its tough stance towards crypto mining and digital assets trading, but the Xi Jinping-led country is testing the waters with a CBDC of its own, known as the digital yuan (eCNY).
So far over 140 million people have used the eCNY to perform transactions worth around 62 billion yuan ($9.7 million)
Japan first started exploring CBDCs earlier this year in April, unveiling plans to create the digital yen.
Reports suggest it could be ready to launch in 2023, but China’s incredible advancement within the space and pressure from top political officers could fast-track the process.