Japan the Next Country to Mint a Digital Currency?

Leaders at the Bank of Japan, Ministry of Finance, and Financial Services Agency have held a number of meetings to determine whether the country should become next in line to adopt a government-sanctioned digital currency.

The issues under discussion include how the Japanese government embracing a central bank digital currency would impact the world economy.

Despite the rise of numerous crypto exchanges, the U.S. dollar continues to be the de facto global currency.

Japan has always been a leader for cryptocurrencyAs the birthplace of cryptocurrency, Japan has often been ahead of the global pack when it comes to utilizing blockchain technology.

Its economy might well benefit most from adopting a digital currency.

The BOJ in particular plans to be prepared for issues related to Japan adopting a digital currency.

Other countries are well on their way to adopting digital currency.

The People's Bank of China began a two-year pilot program to assess digital yuan transactions.

Beijing has made it clear any digital currency in China would complement the yuan, not replace it.

The Bank of England, the European Central Bank, and central banks in Sweden, Canada, and Switzerland have announced they would conduct a joint study on digital currencies with the Bank for International Settlements.