The Japanese Finance Ministry intends to establish an expert group in April to look into the possibilities of establishing a digital yen, according to the Japanese news agency NHK.
The ministry’s panel, according to the publication, will concentrate on creating a framework for simply a central bank digital currency (CBDC) and will take inspiration from a two-year technical study carried out by the Bank of Japan (BOJ). The government will use the expert group’s findings to prepare to issue a digital yen in the future. The Cointelegraph claimed that, in April 2023, the Japanese finance ministry plans to set up an expert group to look into the viability of developing a digital yen, by NHK, a Japanese news station.
Japan Thinking About Digital Yen
A foundation for the central bank’s digital currency will be developed by the new committee, according to sources (CBDC). Also, the two years’ worth of study by the Bank of Japan will probably be incorporated (BOJ). According to rumors, the government plans to consult experts to get ready for the full impact of the digital yen.
Experts contend that central bank digital currency (CBDC) is insignificant and that its adoption might hurt financial operations. Yet, Cointelegraph reports that some people continue to support conventional forms of payment.
Some governments have reportedly started the shift to digital currencies, despite the argument over whether they should be used instead of conventional ones, according to Cointelegraph.
The Central Bank of the United Arab Emirates (CBUAE) is reportedly getting close to launching its digital dirham. Reports claim that on March 23, 2023, the Central Bank of the United Arab Emirates (CBUAE) and G42 cloud signed a contract to introduce the digital dirham as the central bank’s digital currency (CBDC). Digital dirham may also help the UAE shift to a cashless society.