Japan To Adapt Its Laws To Issue A Central Bank Digital Currency
Japan To Adapt Its Laws To Issue A Central Bank Digital Currency
October 13, 2020
Japan To Adapt Its Laws To Issue A Central Bank Digital Currency
Japan To Adapt Its Laws To Issue A Central Bank Digital Currency
October 13, 2020

A report stated that Japan needs to adapt its laws to issue a central bank digital currency. Kozo Yamamoto, the head of the Liberal Democratic Party’s council on financial affairs and a former official at the Ministry of Finance, believes that Japan must revise a law stipulating the Bank of Japan’s mandate and responsibilities regarding the development of a CBDC.

It has been reported that Yamamoto said that potential amendments to the BoJ law would be a good opportunity to consider other changes like adding job creation to the central bank’s mandate.

He added:

“Like the U.S. Federal Reserve, the BOJ should set job creation and inflation as its mandate […] The new law should also clarify that 2% inflation is the BOJ’s policy target.”

Likewise, Yamamoto’s remarks come shortly after the BoJ officially announced its plans to conduct a proof-of-concept for the digital yen in 2021.

The announcement came as part of Japan’s central bank’s first joint report into CBDC issued on October 9.

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Thus, the BoJ was claiming that it had no plans to launch a CBDC in the near future.

Source: Cointelegraph


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.
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