Japan Lawmakers Urges Government to Focus on Digital Currencies at the G7
Reports by Reuters said Japan’s lawmakers have suggested that the government of Japan should discuss digital currencies at the G7. That is, the government should ask the United States (the leader of the summit) to include digital currencies on the agenda.
Despite Japan’s ongoing effort to issue its digital currency, Japan’s Minister for Economic Revitalization, Akira Amari, said it is necessary to encourage the United States to focus on the topic.
According to Amari, Japan needs to work together with the U.S. and make digital currency the G7 agenda. His suggestion says both countries need to collaborate to research the issuance of digital currencies.
Japan continues to focus on digital currencies as China is working on digital Yuan which may pose threats to the status of US dollars as the global reserve currency. The United States is yet to take remarkable steps to join the race.
The U.S. is still discussing CBDCs and former CFTC Chairman J. Christopher Giancarlo is still talking about going further.
In recent times, Giancarlo spoke at a conference in Davos, mentioning a lobbying group with a focus on pressing for a digital dollar. He said the project will be towards the identification of options for a CBDC solution to improve monetary policy effectiveness and financial stability.
Several nations worldwide are working to introduce their digital currencies. Reports have it that the Bank of England is leading a collective of six of the world’s biggest central banks that include the Bank of Japan. This collaboration is towards sharing knowledge of new technologies and assessing CBDC use cases.