A team of about 70 lawmakers from Japan’s ruling government is working on a proposal to issue digital currency. Norihiro Nakayama is a parliamentary vice-minister for foreign affairs and also a key member of the group. Last Thursday, he said that China is moving towards issuing digital Yuan, so they will also like to propose measures to counter such attempts.

According to Nakayama, Japan’s digital currency could be a collaborative effort between the country’s government and the private sector. He added that, the group is planning to submit its proposal to the government as early as next month.

Earlier this week, the Bank of Japan partnered with five other major central banks to explore digital currencies. These banks include, the Bank of England, the European Central Bank, the Bank of Canada, the Sveriges RiksBank (Sweden) and the Swiss National Bank.

This current news strengthens Japan’s efforts into exploring a digital Yen. Meanwhile, the country’s Prime Minister, Shinzo Abe, also told parliament the next day that the government will work with the Bank of Japan in researching digital currencies. He said they will team up and find ways to increase Yen’s convenience as a settlement means.

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