Japanese Ruling Party Official Says Digital Yen Clarity Will Be Revealed in 2022
While the U.S. ramps up discussions of a digital dollar and China’s central bank digital currency (CBDC) draws near, Japan’s CBDC, otherwise known as the digital yen, is getting closer to its realization as well. Japan’s ruling Liberal Democratic Party member, Hideki Murai, explained in a recent interview this week that more clarity on the digital yen would be revealed next year. Ruling Liberal Democratic Party Member Hideki Murai Says Clarity on the Bank of Japan’s CBDC Is Coming Next Year In recent times, Japan has been discussing the creation of a digital yen....
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The digital yen should be compatible with other CBDCs to counter China’s progress with its digital yuan, one official argued. Japan will have more clarity on the design of its central bank digital currency no earlier than late 2022, according to a ruling party official.Hideki Murai, head of the ruling Liberal Democratic Party’s panel on digital currencies, said that the Bank of Japan is still working on sorting out the key functions of the digital yen, such as defining what entities would serve as intermediaries between the central bank and deposit holders.“By around the end of next year,....
There are bigger and more important things to worry about at the moment for the Japanese ruling party, it would seem. Reuters reports that the Liberal Democratic Party in the country has decided to not pursue the regulation of digital currency in the aftermath of the collapse of Mt. Gox, a Tokyo-based bitcoin exchange. "Basically, we concluded that we will, for now, avoid a move towards legal regulation," Takuya Hirai was quoted as saying. Hirai is a Liberal Democratic Party lawmaker who heads the internet media division of the party. A final decision as to whether or not said regulation....
In what will come as welcome relief to bitcoin adopters in the country, Japan is set to end its 8% ‘consumption tax rate’ imposed on buyers of bitcoin through digital currency exchanges. Japan is now looking to end the sales-tax collection on transactions related to purchases of virtual currencies like bitcoin, come spring. A report from Japanese publication the Nikkei Asian Review reported that discussions between the Japanese Financial Ministry and the country’s Financial Agency this year is expected to end in a formal decision by the end of the year. A ruling-coalition tax panel will....
This is a guest post by Drew Hinkes, an attorney at Berger Singerman. Drew is also frequently published and cited for his work on IT and technology-related issues, including virtual currencies, smart contracts, distributed ledger-based technologies, computer data security/breaches, and technology regulation. Tokyo District Court Judge Masumi Kurachi recently rejected a claim for relief brought by a Kyoto man against the Mt. Gox bankruptcy receiver for bitcoin lost as a result of Mt. Gox's collapse. In his ruling, Kurachi opined that bitcoin is "not subject to ownership." The court ruled....
A legislator in Japan’s ruling political party has called for bitcoin purchases to be exempt from an 8% consumption tax, a regional news source says. The issue was up for debate during a budgetary committee hearing in the lower house of the Japanese legislature, the Diet, on 5th February. As reported by Nikkei, Liberal Democratic Party member Tsukasa Akimoto put the question of exempting bitcoin purchases from the tax to Finance Minister Tarō Asō. "Can't you consider not imposing consumption tax on bitcoins in line with the international trend?" Akimoto asked. Asō is reported to have....