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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The yuan is not seen as a major currency. Could digitizing it change that? China is breaking new ground in the Shenzhen region and beyond. The COVID-19 crisis has done little to dampen China’s interest in becoming the first major economy to distribute a central bank digital currency. Quite the contrary, its digital currency/electronic payment project appears to be picking up speed. In the Shenzhen region, for example, 100,000 local citizens this month received for free a total of $31 million digital yuan via lottery, and now residents can use ATMs to convert digital yuan to cash on a test....
A renowned Japanese cryptocurrency businessman responded to his fellow Japanese who see Bitcoin as a currency “not backed by anything of value”. Related Reading: Bitcoin Gains VanEck’s Official Support As Strategic Reserve Crypto entrepreneur Koji Higashi argued that these people who still have a pessimistic view about Bitcoin fail to realize the Japanese yen is […]
As already was published during the previous month, bitcoin has taken a huge interest for itself in China. It is not a secret that there are very many users of the crypto currency located in China, there are even lots of miners. The leading exchange service is as well located in the republic. Many others have emerged during the present year. However, the legality of the matter – buying, selling, receiving and sending of bitcoin was questioned to be legal. Many members of the virtual community were not sure to be able to leave the underground. The position of the key person of the economics....
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....
Shanghai-based exchange BTC China has published a statement reassuring Chinese investors that its operations will resume as normal despite looming regulatory uncertainty. The People's Bank of China (PBOC) is widely expected to issue a public notice later this month, which would effectively put an end to bitcoin-related money transfers in China, including yuan deposits. The rumoured notice is expected to go official on 15th April. However, since nothing is official yet, there is plenty of misinformation floating around. In turn, the spread of PBOC-related fear, uncertainty and doubt has....