Japanese Liberal Democratic Party (LDP) Encouraged Making Recommendations In The Digital Currency

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Japanese Liberal Democratic Party (LDP) Encouraged Making Recommendations In The Digital Currency

  • LDP (Liberal democratic party ) has announced a proposal and also indicated that it intends to urge the government to respond.
  • The bank of japan also announced on 21 June that Japan would work with the six central banks that include Bank of England.
  • The movement of the Liberal Democratic Party seems to be early, as it was deeply related to the personal information protection law and the penal code.

Concerning the digital currency issued by the central bank, the LDP (Liberal democratic party ) has recently announced a proposal and also indicated that it intends to urge the government to respond.

The main motive and idea of the party investigative committee and parliaments are to come up with the design and opinion on personal information protection and money laundering measure.

Also, one single action considered for this particular case that the legislation will be necessary to issue this currency.

The bank of japan also announced on 21 June that Japan would work with the six central banks that include Bank of England. Bank of international settlements to conduct joint research on the issuance and use cases, and japan also announced that it would establish a new organization.

Concerning the protection for the personal information, which the Liberal Democratic Party raised, the theft and tax evasion could be prevented using the digitized currency.

Still, it could lead to other privacy violations. This is somehow the same as the virtual currency that points to anti-money laundering measures. It also mentioned there that some action needed against the cyber-attacks.

The movement of the Liberal Democratic Party seems to be early from these points as it was deeply related to the personal information protection law and the penal code.

Some recommendations from the Liberal Democratic Party are likely to include support and development of Blockchain technology by start-ups. 

Liberal Democratic Party is regularly accelerating its efforts china is at the top of the renminbi issuance. The main goal of LDP seems to avoid collecting user payment and remittance data in china.

As tax research chairman, Amari Akira also mentioned that “it could going to effect the mid to long term supremacy between the china and United States of America.”

Adding to that, in china’s professor, Takashi Akira of the University of central and south-western Economics law school has recently proposed to the government of china that legislative bodies should add some other law related to the evolving digital currency to the people bank. The development of this legal infrastructure will be essential in this digital currency era.

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