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Will Japan have a National Cryptocurrency?

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Countries around the world are increasingly formulating or finalising plans to launch a national cryptocurrency. From China to Palestine, nations are seeing the benefits of digital currencies. 

One country that had been surprisingly slow in its steps towards a national cryptocurrency in Japan. Often seen as the home of cryptocurrencies, with a population that is crypto-friendly and a decent regulatory framework in place, it would seem that this would be the leading nation in future nation based crypto. 

Yet, since the past few months, Japan has been relatively quiet on the national cryptocurrency front. However, with Asian rivals China increasing the pace of its digital RMB plans which will be implemented by the People’s Bank of China, Japan has looked to counter it. 

The Bank of Japan is leading the talks, with meetings held in January between them and the Ministry of Finance (MOF), and Financial Services Agency (FSA). Notable names were in attendance. These include Ryozo Himino, FSA vice-minister for international affairs, Yoshiki Takeuchi, vice-minister of finance for international affairs, and Shinichi Uchida, BOJ executive director for international affairs.

Bank of Japan Governor Haruhiko Kuroda has expressed the intentions of the Bank in its central bank digital currency (CBDC) plans but said there was not a huge motivation or need currently:

“We are advancing research and study from the technical and legal perspectives so that we will be able to move in an appropriate way when there is a growing need.”

Overall, it would appear that Japan is joining an ever-growing list of nations and their central bans looking to add a central bank digital currency to their ecology. 

The Bank of England, the European Central Bank, the Central Bank of Sweden, Canada and the Swiss National Bank have all announced their crypto intentions alongside Japan after signing a group partnership with the Bank of International Settlement. 

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