Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Other Popular Cryptos / Coins => Topic started by: mlawson71 on November 23, 2020, 03:29:34 PM
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The Central Bank of Japan may have plans to launch a digital yen, but as it turns out, a number of private Japanese companies too have decided to hop onto that particular bandwagon – they have hatched a plan to launch a private version of the digital yen.
Over thirty different companies have joined this plan, ranging from brokerages, telecoms, retailers, utilities and, surprisingly, three major banks. It is these three private banks that will be launching the digital yen, but the role of the other companies is unclear for now.
This project is expected to launch next year and its first step will be to conduct a number of experiments about the issuance of such currency.
Source (https://theforexreview.com/2020/11/20/major-private-japanese-companies-plan-on-launching-private-digital-yen/)
Personally, I am curious as to how this can be called a Yen when the Japanese government is not behind it – this will not be a state-issued currency.
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Yes, a private national digitized currency is something new. The issuance of such a stablecoin could be banned by Japan's central bank or even the government. The Chinese government is already preparing legal documents even before the release of its digitized yuan, in which it declares the digital yuan to be the property of the state of China and prohibits anyone else from using the digital yuan as a security for the circulation of other stablecoins. The Japanese government can do the same.