Bank of Japan explores ‘digital yen’ CBDC

Date : 12/03/2019 @ 12:00AM
Source : Coin Rivet
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Bank of Japan explores ‘digital yen’ CBDC

Researchers at the Bank of Japan have published a report exploring the legal implications of launching a central bank digital currency (CBDC). The report, published on November 29, is among the first detailed explorations of how a CBDC would function in practice in the Japanese economy. Citing the “rapid development of information technology” as the impetus behind the report, the authors claim that more research is necessary to establish a relationship between central bank-issued currencies and “private money”. The singling out of private money may be a direct reference to Facebook’s Libra plans, which have been condemned by many worldwide governments as dangerous to national monetary sovereignty. In response, many nations have indicated they will launch their own digital currencies

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