Japan's Push for Digital Yen: A New Era in Finance

A government-appointed group in Japan has strongly advised the immediate creation of a central bank digital currency (CBDC), often referred to as a digital yen. This panel, consisting of university professors, industry specialists, and researchers from leading think tanks, was established by Japan's Ministry of Finance. Their investigation focused on the potential benefits, demand, and associated challenges and risks of introducing a digital yen in Japan's economy.



The group's primary recommendation is for the Bank of Japan (BOJ) to swiftly issue the digital yen and designate it as legal tender. They suggest that this CBDC should coexist with traditional cash, enhancing rather than replacing it.



Despite Japan's status as the third-largest global economy, the country remains heavily reliant on cash. This reliance presents a unique


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