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Japanese officials have been calling for the development of a digital yen in the next 2-3 years as concerns over China’s digital currency initiative and Facebook’s Libra Association keep growing.

A senior lawmaker from Japan’s ruling Liberal Democratic Party, Kozo Yamamoto, called for the development of a digital yen within 2-3 years to counter the digital currency initiatives of Facebook’s Libra Association and China.

Yamamoto said a draft proposal for the development of a digital currency is set to be included in the Japanese government’s policy guidelines to speed up the process.

The Lawmaker said:

“The sooner the better. We’ll draft proposals to be included in government’s policy guidelines, and hopefully make it happen in two-to-three years.”

Remember that a group of Japanese lawmakers proposed the creation of the digital yen over similar concerns. Yamamoto will be working with those lawmakers to push the government to adopt a digital currency proposal reportedly.

The proposals have shown that Japan is getting serious about developing a digital currency and adopting the blockchain technology fully. Many central banks around the Globe have started looking into launching central bank digital currencies (CBDCs).

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