- Japan has a tremendous amount of love towards hard money i.e., paper currency and coins.
- Japan still lags in the adoption of digital currency as compared to its neighbor country China.
- Japan is still far from issuing digital currency, which it wishes to call as “Digital yen” due to some technical and legal issues.
Japan, mainly known for its anime and a balanced culture of modern technology embedded with its unique traditions, has a tremendous amount of love towards hard money i.e., paper currency and coins.
Japan’s population mainly prefer to trade with hard cash than cashless e-payments. It is very common among Japanese to pay even $10,000 in the paper format enclosed in the suitcase and roaming carefree like its nothing.
Japan, as a country, still lags in the adoption of digital currency as compared to its neighbor country China which has a medium like Alipay and WePay running successfully as an e-payment method throughout their country.
It is believed around 38 billion ¥1 coin are in circulation in Japan, and most of them are in between their tatami mats and under cardboard boxes waiting to be discovered.
Something, this also can affect the economy significantly cause of this phenomenon through which the physical money getting destroyed or damaged by the usage of them, and issuance of this currency needs funds.
Japan has criticized for this all around the world, and due to the pressure of recent news of launching a cryptocurrency by a dominant social network, Facebook’s libra seeded a fear into Japan of its potential threats.
How it is harmful to the world, and its economy, Which led to japan think until recently, the ruling party of Japan announced their plans on bringing digital currency, which forced japan lawmakers to insist the government on creating its own digitalized yen hopefully.
Yamamoto is known as an architect of Shinzo Abe’s (Prime minister of Japan) “Abenomics” stimulus policy. He also told Reuters that it would be included in mid-years government policy guidelines and optimistic about making it happen in the coming two or three years. He would be working with Atari to push their proposal to the government.
Japan is still far from issuing digital currency, which it wishes to call as “Digital yen” due to some technical and legal issues. Still, this move highlights the pressure it is facing from the progressing China and Facebook through digital currency.
Some Japanese lawmakers believe China’s planned digital currency could widely spread among emerging economies and may be used as a way to help China to advance in its digital hegemony.
Yamamoto also believes that if each country manages to control the flows of money with their own digitalized currencies. It will help to stabilize the country’s economy in times of crisis.