Japan Setting Eyes on Launching Digital Yen

In the past couple of years, the cryptocurrency industry has earned an enormous amount of name and success. With the pandemic hitting the world in 2020, people from all countries struck hard by the pandemic started rallying up to the cryptocurrency platform.

Although the global economic giants never trusted the crypto-blockchain industry a couple of years back, the situation seems to have taken a U-Turn due to the coronavirus outbreak.

When the crypto-blockchain industry provided a safe-haven to millions, this is when the countries realized the worth of the crypto-blockchain industry. It was back in 2019 when the cryptocurrency industry had a total of 35 million unique/active users. Now the number has almost tripled and the figure is now more than 100 million.

In the past year, the crypto-blockchain industry has not only proven its worth in the financial sector but has emerged as a solution to many sectors in the world. Most importantly, during the pandemic, blockchain technology has offered enormous help in the health sector. It has made the gathering and processing of medical records and data a lot easier than it used to be in the past.

Now that the year 2020 has been passed, countries from around the world have learned the value of digital currencies and remote financing. Following the recent developments, countries are now trying their best to introduce central bank digital currencies.

In the race of introducing digital-currencies, the most prominent countries are Russia, Italy, China, and Georgia. Recently, it is Japan has emerged as a country that is working on introducing its own digital currency.

Following the reports, the central bank of Japan has confirmed that it has begun testing its digital currency’s proof-of-concept consensus. It was back in November of 2020 when the central bank of Japan announced that it was considering setting foot into the digital currency space. It was announced by the central bank of Japan that it is planning to launch the digital-yen somewhere during 2021.

Right after the announcement made by the central bank, it was revealed that the government will be getting a lot of support from the private sectors. It was reported that the private sectors will be working alongside the government in order to expedite the development process for digital yen.

After the announcement, the CEO of Monex Inc, which is a Japanese financial services giant has commended the central bank of Japan’s action. He has stated that Monex Inc. welcomes the initiative taken by the central bank of Japan and is ready to collaborate with the regulators to expedite the digital yen project.

The CEO of Monex Inc. that any decision made by the government with respect to CBDC would be beneficial for the digitalization of the Japanese currency.