Japanese Secretariat Looking Into CBDCs And Blockchain Technology For The Nation

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  • Yuzo Kano announced on Twitter that he was invited on an expert panel at a “Second Liaison Meeting with Blockchain Agencies” that was hosted by the Cabinet Secretariat of Japan.
  • The Bank of Japan also holds the same concerns of the digital currency bringing damage to private banking and their two-tiered currency system.

Japanese Blockchain Association Chairman, Yuzo Kano announced on Twitter that he was invited on an expert panel at a “Second Liaison Meeting with Blockchain Agencies” that was hosted by the Cabinet Secretariat of Japan.

Kano stated that he presented on using blockchain technology in the national infrastructure. This included special blockchain applications, central bank digital currencies

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(CBDCs), converting administrative systems into blockchain governed systems.

The Japanese lawmakers have recently shown strong interests in CBDCs, mainly due to China’s secretive development of a digital yuan that is expected to disrupt the global economy by being the first of its kind. This wouldn’t mark the first time the Bank of Japan has shown interest in a conversation about digital currencies.

Firstly, in April 2018, the bank’s governor made a negative public statement about CBDCs but didn’t quite deny the future possibility of a digital yen. Most country’s concerns with digital currencies lie in that it might disrupt their own current financial system. The Bank of Japan also holds the same concerns of the digital currency bringing damage to private banking and their two-tiered currency system.

Further negative stances on CBDCs continued until the opinion slightly changed with more consideration from the Bank of Japan on how digital currencies could be useful with the elimination of fiat currency from the financial system.

This discussion continued for a while until the Bank of Japan published a report on CBDCs in 2019 studying methods of implementing a digital currency and its consequences. The report concluded that large value settlements into the central banks could be a useful utility point for CBDCs.

As the new decade kicked off, interest into CBDCs grew globally with central banks in Europe forming a consortium in order to research bank-based digital currencies, banks in the Middle East and Asia also looking into the potential and feasibility of CBDCs in their respective economies.

And with China leading the troupe, having worked on their digital currency for a while now, it becomes apparent why the Bank of Japan would want to jump ship.

Interest in blockchain technology is also an interesting concern from the country given that the applications and research going into blockchain technology for different applications, from green energy to automobile communication, have been flourishing.

Japan’s concerns into looking into potential applications for blockchain technologies in the country is extremely promising.

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