Large financial institutions in Japan support the country's central bank's aspiration to issue a national digital currency (CBDC).
For example, the CEO of Monex Inc., Oki Matsumoto, told reporters that the arrival of the digital yen would strengthen the country's position in the global market.
Earlier, the media have already reported on the readiness of large Japanese banks to take part in CBDC testing. Tokyo wants to create its digital currency to prevent China from dominating with its yuan-pegged token.
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Oki Matsumoto stressed that the Japanese economy has already entered the digitalization stage. Launching CBDC will only speed up this process. An innovative instrument will appear on the market with much greater potential compared to the traditional financial system.
Recently, it was reported that the Bank of Japan may start testing the digital version of the yen as early as 2021. However, many experts doubt that the regulator will meet in such a short time.
For example, Hiromi Yamaoka, who previously worked in the Department of Payment and Settlement Systems of the Central Bank of Japan, believes that the digital yen may appear on the market only in a few years.