Senior Japanese official fears China being ‘first-mover’ in digital currency

Senior Japanese official fears China being ‘first-mover’ in digital currency

China might gain control over global CBDC standards, a Japanese official warns. Japanese banking officials continue to voice concern over China’s progress in the development of its central bank digital currency.Kenji Okamura, vice-finance minister for Japan’s international affairs, warned the global community of the potential risks of China’s digital yuan, Reuters reported Oct. 9.Okamura said that China’s digital yuan initiative is “moving at a relatively fast pace” as the Chinese government presumably aims to be the first global jurisdiction to adopt a CBDC.“First-mover advantage is....


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