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Digital Yen Now 'Top Priority' for Japan Central Bank, Says Senior Official
The comments mark a shift in priority for Japan as it seeks to counter the economic threat from regional rival China.
Автор Paddy Baker
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As pressure mounts to catch up with rival China, a Bank of Japan (BoJ) official has said digital currencies are a "top priority."
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- Speaking to Japanese news outlet The Asahi Shimbun, Takeshi Kimura, departmental director-general, described the digital yen as a chief concern for the central bank.
- The BoJ has been experimenting with a central bank digital currency (CBDC) but has so far said there are no plans to launch one.
- The government said this month the launch of a digital yen would be considered as part of this year's legislative agenda.
- A proposal from the ruling Liberal Democratic Party in June said China's global lead in CBDC development could become a national security threat.
- Senior Japanese lawmakers have been calling on the government to step up research since February.
- The Philippine central bank has also commissioned research for a CBDC, Governor Benjamin Diokno confirmed Wednesday. Results will be due sometime next month.
See also: Bank of Japan Forms New Team to Explore Central Bank Digital Currency
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'We do not do illegal things': Inside a U.S.-sanctioned stablecoin issuer's race to build a crypto giant
Oleg Ogienko, the public face of A7A5, pitched the ruble-pegged stablecoin as a fast-growing trade rail built to move money across borders despite sanctions pressure.
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- Oleg Ogienko, the public face of ruble-denominated stablecoin issuer A7A5, insists the firm complies fully with Kyrgyz regulations and international anti-money-laundering standards despite extensive U.S. sanctions on its affiliates.
- A7A5, whose issuing entities and reserve bank are sanctioned by the U.S. Treasury, has grown faster than USDT and USDC and aims to handle more than 20 percent of Russia’s trade settlements, primarily serving businesses in Asia, Africa and South America trading with Russian partners.
- Ogienko said that he and his team were developing partnerships with blockchain platforms and exchanges during Consensus in Hong Kong, though declined to name specifics.
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