Japan plans to release its own cryptocurrency following the announcement of China’s launch of the digital Yuan. China started planning its digital Yuan project known as DCEP after Facebook announces its intentions to release Libra. At the moment, China is close to releasing the digital version of its national currency Yuan and Japan is following this step.

Lawmakers of the ruling party in Japan are planning on presenting a proposal that Japan should have its own central bank digital currency (CBDC), a digital version of the Yen. According to Norihiro Nakayama, the parliamentary vice minister of foreign affairs in Japan, they will first look into the idea of sending out a digital Yen. Nakayama says “China is moving toward issuing Digital Yuan, so we’d like to propose measures to contradict those trials.”

When Will Japan Plans to Issue Its Own National Cryptocurrency?

It’s not likely that Japan will issue digital cryptocurrency anytime soon. However, if it is backed by the government, it will help subside some concerns Libra has faced. Libra run by a selected group of big tech companies that aren’t always known for being trusted. Hence, Japan is going to have to wait a little while longer to see how this one plays out. Yet, it’s clear that central bank digital currencies are on their way, whether we need them or not. Norihiro Nakayama says to the media.

JPMorgan’s Inward Bound Towards Japan Market

According to earlier reports, JPMorgan’s blockchain-based payment network eyes Japan launch in early 2020. The Interbank Information Network (IIN) explains that it intends to accelerate payment transactions as well as address major challenges of sharing data between banks. According to the report, more than 80 Japanese banks have expressed their interest to join the platform.

Japanese banks now account for more than 20% of the 365 total global members. As a whole, it accounts for the largest portion of participants from any single country.

The Chief Executive Director, Daizaburo Sanai at the JPMorgan Chase states that the INN is currently operating at 70 banks in Europe, Asia, and the United States.