The best regulated crypto exchange
Find out why?
50 BTC prize pool!
Get your share!
I'm in

Japanese lawmakers push for digital currencies talks at G7

By Yana Berman

Officials seek to counter China's plan to launch digital yuan to prevent its domination on the market

Japanese lawmakers are pushing the government to bring the digital currencies topic to discussion at G7, as China is ready to launch its digital yuan.

According to Reuters, the group of ruling lawmakers led by Akira Amari of a Liberal Democratic Party (LDP) announced the plan for digital currency talks on Friday. Next week the proposal will be presented officially.

Although Japan has not yet revealed any plans to launch digital yen because of technical and legal issues, Tokyo seemingly wants to catch up with China’s efforts in the area. One of the possible ways to achieve that is to cooperate with the US and conduct technical studies on digital currencies, the group’s proposal said.

Amari fears that China’s dominance in the digital market could happen if the traditional dollar-led system collapses. Japanese lawmakers believe it could spread significantly among the emerging economies and substitute the dollar.

In 2020, the US is hosting all the G7 events. The next summit will be held June 10-12 in Miami, on the golf course owned by Donald Trump.

The Chinese central bank has been developing its digital asset project for quite a while. According to the recent data, the project of digital yuan is ready to go live in 2020. The virtual currency will be different from the classic concept of cryptocurrencies, such as Bitcoin.

Some major companies are also approaching the idea of stablecoins. Facebook's crypto project Libra, initially announced in June, is now struggling to gain approval in various jurisdictions. However, state officials cite Facebook’s poor reputation and the regulatory uncertainty behind digital money as main reasons to prohibit the circulation of the future coin.

FURTHER READING: Digital yuan will be different from Bitcoin, Chinese official reveals

FURTHER READING: Facebook unveils Libra's second roadmap

Like to share your thoughts and ideas about crypto and trading? You could join us as an external author. Email us on [email protected] to find out how you could become a Currency.com contributor.
Subscribe to Currency.com news
iMac Image
The most beautiful trading app
google play storeapple store
iPhone Image
iPhone Image