The representative of the Liberal Democratic Party, Kozo Yamamoto, said that the development of a digital payment system will become one of the key vectors of development, and he explained also why every state should follow this example.
Japan should issue a digital yen within 2-3 years, said Kozo Yamamoto, head of the commission for research on banking and financial systems of the Liberal Democratic Party of Japan. According to him, the government will include the development of its own cryptocurrency in the medium-term development program and will make it one of the key vectors.
“The sooner, the better. We will prepare appropriate proposals for inclusion in the list of key vectors of state policy and hope that this will happen in two to three years” – Yamamoto said.
He added that each country should control the flow of money supply through its own digital payment system. This can prevent large fluctuations during the crisis and stabilize the economy, the politician said.
On January 30, Deputy Head of the Bank of Japan Masayoshi Amamiya emphasized that it was extremely important for the state to prepare for the launch of the national digital currency. The need for it may sharply appear due to the growing demand from the public, caused by the high rate of development of innovations in the field of payments, the representative of the department explained.