Japanese legislators say: The yen will be issued by the CBDC, fast!

Recently, due to the spread of the new crown virus in many countries and the financial market turbulence, the popular CBDC discussion at the beginning of the year seems to have weakened a lot. Except for the recent report of the Bank of England (which is a long-written report, but it was chosen to be released recently), the positions of political leaders and senior central bankers have almost disappeared.

However, "life continues, the ball never stops", the epidemic will always pass, and the official preparations of the countries have not stopped. In a recent exclusive interview with Cointelegraph Japan, a member of the Liberal Democratic Party, Kozo Yamamoto, once again talked about his attitude towards digital currency issuance in Japan:

1. Japan should implement the CBDC as soon as possible . Yamamoto Kozo has a positive attitude towards the issuance of digital currency in Japan. In an interview with Reuters last month, he stated that Japan should create its own digital currency and implement it "within two to three years." In this interview, his attitude was even more aggressive, and he hoped that this action should be taken early and as soon as possible. This urgency is the same as that of some Japanese political figures since this year.

2. The pricing function of currency must be in the hands of the government . He believes that privately issued digital currencies such as Facebook's Libra can have currency exchange media and value storage functions, but another function of currency, the bookkeeping unit, must be controlled by the government, which is a matter of national currency sovereignty .

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Third, the legal digital currency is interoperable . Tokens issued by large private companies such as Facebook and Amazon can only be used in areas they control, and there is no interoperability between them. He believes that cbdc can fill this gap and serve as a bridge currency between other digital currencies.

Fourth, CBDC should use blockchain technology . CBDC applies blockchain technology to track currency loss, and KYC inspection can be used to grasp whether customers have illegal transactions. If blockchain technology is not applied to CBDC, it is "meaningless", which means that blockchain technology and CBDC are a perfect combination.

Source of information: https://cointelegraph.com/news/key-government-figure-says-japan-needs-a-digital-yen-and-fast/

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