In the Wake of the <a href="https://www.cryptoknowmics.com/news/chainalysis-report-decoding-bitcoin-crash-amid-corona-epidemic">Coronavirus attack,</a> nations are considering adopting central backed digital stablecoins (CBDC). During an exclusive press interview, a member of the Liberal Democratic Party (LDP) Kozo Yamamoto said Japan should implement a Central backed digital currency as soon as possible. 
<h2>Traditional Roles of Money are “Store of Value”, “Medium of Exchange” and “Unit of Account”</h2>
The ex Ministry of Finance official referenced the traditional role of money as being a store of value, medium of exchange and <a href="https://www.cryptoknowmics.com/news/bitcoins-journey-from-being-a-bubble-to-a-commodity">unit of account</a>. His perspective dwelt on allowing big corporations such as; Facebook to issue digital tokens and control these stores of value and mediums of exchange. 

Being a key figure behind the “Abenomics Project”, Kozo stated that the government could otherwise control the unit of account. But on the other hand, the average individual should also forget about traditional fiat money. 
<blockquote>“We must protect it (the role of a unit of account) no matter what. If Japan doesn't issue a digital currency and people in the world use other digital currencies, the Japanese yen will be forgotten and lose its sovereignty." </blockquote>
The LDP member pointed out that the digital yen could at the same time act as an intermediary between other existing digital assets. He noted that even if Apple, <a href="https://www.thebulletintime.com/news/new-celo-alliance-has-same-aims-as-libra-and-some-of-the-same-partners/">Facebook</a> and Amazon issued their own tokens, they’d all be <a href="https://www.cryptoknowmics.com/news/canada-to-strengthens-cryptocurrency-regulations">stonewalled</a> and lack interoperability. 
<h2>Japan Should Create a CBDC in 2-3 Years</h2>
Yamamoto believes that a CBDC can easily fill that gap. Yamamoto argued that Japan should create its own stablecoin in 2-3 years. Highlighting an ideal time frame for the launch to be as soon as possible.  

The House Rep finds blockchain meaningless if it will not be used for CBDC. He insisted authorities can use the technology to track the money, especially if implemented with Know Your Customer details. 

You May Also Read.
<ul>
 	<li><a href="https://www.cryptoknowmics.com/news/bis-issues-paper-on-cbdcs-tokenised-securities-and-p2p-payments/">BIS Issues Paper On CBDCs, Tokenised Securities And P2P Payments</a></li>
 	<li><a href="https://www.cryptoknowmics.com/news/bojs-amamiya-cheaper-cbdcs-could-hinder-private-sector-innovation/">BoJ&#8217;s Amamiya: Cheaper CBDCs Could Hinder Private Sector Innovation</a></li>
 	<li><a href="https://www.cryptoknowmics.com/news/central-bankers-rejecting-the-use-of-blockchain-based-cbdc/">Central Bankers Rejecting The Use Of Blockchain-based CBDC</a></li>
</ul>

Liberal Democratic Member Says Japan Should Implement Digital Yen

A member of the Liberal Democratic Party (LDP) Kozo Yamamoto said Japan should implement a Central backed digital currency (CBDC).

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience.

Liberal Democratic Member Says Japan Should Implement Digital Yen

Top Picks