- Japan is all set to release it’s Central Bank Digital Currency (CBDC) in the coming after all the extensive development.
- The new CBDC will have a strict competition with Chinese Yuan CBDC and Facebook’s Libra.
- Libra will be released with the updated version of Apps of Facebook and WhatsApp, and also a specially curated App functioning as a wallet.
Japan is all set to release it’s Central Bank Digital Currency (CBDC) in the coming after all the extensive development. Japan is a leading country that has implemented the use of cryptocurrency and digitalizing everyday transactions. The new CBDC will have a strict competition with Chinese Yuan CBDC and Facebook’s Libra.
The lawmakers and crypto developers are extensively developing the CBDC which is entirely backed by Japan’s native currency Yen to gain reputation and stand in the global market and also have the plan to improve the efficiency of monetary policy in the nation.
The government of Japan is very eager to release the new CBDC so as to gain control in the digital market and also regulate the transactions of its CBDC before the Chinese Yuan backed CBDC takes over the crypto market.
Since Japan and China share borders over the sea, and now China being one of the dominant economies in the global market, it would be no surprise. If the Chinese CBDC gets influenced inside Japan, to overcome this government of Japan has planned to release the CBDC sooner than planned.
The new CBDC is developed extensively to provide the best benefits to its users. Facebook has simultaneously announced the launch of its crypto Libra anytime this year as soon as the regulatory bodies ease their release.
Libra will be released with the updated version of Apps of Facebook and WhatsApp, and also a specially curated App functioning as a wallet.
A senior official of the ruling party of Japan has given a statement saying that the release of Japan’s CBDC will take place in the other two or three years. The idea of issuing CBDC started to take place in mid of 2018 when the crypto bull run happened in the previous year of 2017.
Japan yet remains a global leader in the crypto market, with clear regulations and a legal framework that will help the companies expand in the country and offer crypto-related solutions to individuals and different sectors.