In response to pressure from China, reports coming out of Japan claim that senior members of Japan’s Liberal Democratic Party want to create its own digital yen within the next few years.
Japan views China’s digital yuan as a challenge to the traditional currency systems and are looking to include draft proposals in their mid-year policy reviews and have already joined forces with several countries to research how a nation could use digital currencies.
Japan’s central bank has joined five other major central banks, the Bank of England, the European Central Bank, the Bank of Canada, the Sveriges Riksbank (Sweden) and the Swiss National Bank - to explore digital currencies. The appeal for using digital currencies is universal and although Asia is a key focus for Dragon, the hyper-connected world that society operates within means that Dragon Coin, the world’s No. one entertainment coin can be used virtually everywhere.
Sweden arguably leads the way in Europe in becoming a completely cashless society with 59% of all consumer transactions taking place through non- cash methods but out of the top 10 cashless countries, China has seen the highest rate of growth for cashless payments over the past five years.
With only around 3% of Japan’s population saying they used or owned crypto currency, it will be fascinating to see what comes from Japan's investigations into its digital currency. The world as a whole is looking on because if a country can control the flow of money with its digital currencies, it creates a stable economy in times of crisis. But what do you think of Japan’s efforts to create its own digital currency – let us know your thoughts in the Dragon Telegram group after you catch up with the latest news on the Dragon Blog.